We all want our family to be taken care of, and my clients are no different. Several of my Boeing (BA) clients have asked me about survivor benefits. They want to make sure that their significant other would be financially stable in the event of their death. I decided to post about this because I thought it might bring some peace of mind to my other Boeing readers.
What your survivor needs to do
Report your death. Your spouse, a family member or even a friend should call the BA Benefits Service Center as soon as possible to report your death.
Collect life insurance benefits. Your spouse or other named beneficiary will need to call the BA Benefits Service Center to collect life insurance benefits.
If you have a joint pension
Start the joint pension payments. The joint pension is not automatic. Your joint pensioner will need to complete and return the paperwork from the BA Pension Call Center to start receiving joint pension payments.
Be prepared financially to cover living expenses. Your spouse will need to be prepared with enough savings to bridge at least one month between the end of your pension payments and the beginning of his or her own pension payments.
If your survivor has medical coverage through BA
Decide whether to keep medical coverage.
If your survivor is enrolled as a dependent in BA-sponsored retiree medical coverage when you die, he or she needs to decide whether to keep it. Survivors have to pay the full monthly premium.
Want to learn about the different stages of retirement? Visit: https://techstaffer.blog/2019/11/14/boeing-stages-of-retirement/
Sources:
The Retirement Group or www.theretirementgroup.com
“Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
“Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.
BA Summary Plan Description, 2017
