Q. I’m 60 years old and presently have life insurance in the amount of 5x my salary. The cost is pretty high. What other options would I have?
A. When you retire, you’ll have some choices. For example, you can choose the number of multiples you want to drop, keep the rest and continue to pay the premiums on those. Or you can elect the full-reduction option on some or all of them. In that case, you’d continue to pay the premiums until age 65, at which point your coverage would decline at a rate of 2 percent per month until it reaches zero. For more information about Option C coverage, go to https://www.opm.gov/healthcare-insurance/life-insurance/reference-materials/handbook.pdf.