Q. I noticed that my Basic life insurance has a 75 percent reduction. I’m aware of the fact that I chose that. What has me puzzled is the amount of insurance before reduction and the amount of insurance after the final reduction.
A. Your Basic insurance amount is the one you had when you retired. You will pay the same amount for that coverage until you reach age 65. At that point you will cease paying premiums and your coverage will be reduced by 2 percent per month until the face value reaches 25 percent. It will stay there until your death, when it will be paid out to anyone to whom you have assigned that benefit or, if there is no beneficiary, in the standard order of precedence.