Both CSRS and FERS pensions have Survivor Annuity options for your spouse. Survivor Annuity elections must be made when completing the retirement package. It is very important to note that if your spouse is reliant on your Federal health benefits, you must elect at least the minimum survivor annuity option in order for them to keep the health coverage after your death.
CSRS employees may choose from a maximum survivor benefit of 55% or any amount below. FERS employees only have two options. They can leave a maximum 50% benefit or a 25% benefit.
Many employees decide to leave a lower Survivor Annuity and supplement it with private life insurance. There are considerations that need to be taken into account when deciding which option to choose.
You can learn more about the Survivor Annuities and Life Insurance from the following articles.
