Pension Max


Q: What is Pension Max? Some people say it’s good while others say it’s not. I can’t seem to find any information on it.

A: Pension Max is a term used to describe substituting a life insurance policy on a pensioner’s life for a pension survivor benefit. In the case of a federal annuitant, it’s a bad idea. It favors the pensioner at the expense of the survivor. Of course it pays off very well for the insurance agent who sells it to you.


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Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to and view his blog at

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