Pention / Life Insurance, the same account??

[qwikster3]

I am eligible for my private company's pention plan now,and they offered me a Life Insurance Policy that I denied. Both work, no kids, no debt, don't need it. They said the funds from my pension would pay for the Life Insurance every year. Now they want my wife and I to sign a notarized paper that states I don't want the Policy. I can write anyones name on the policy if I wanted to. I was told the account gets interest,but the whole account seems to be the same thing Life Insurance included. If my wife or myself sign anything, will she loose the ability to have my pention if I pass away? How are the 2 connected? What does the life insurance have to do with monies in the account that still is growing?

 

[seniorjudge]

Q: If my wife or myself sign anything, will she loose the ability to have my pention if I pass away?

A: Obviously, read the document closely before you sign it. If you don't understand it, then ask. But this is standard practice if you don't want the life insurance (which is a bad choice on your part...you really should have that life insurance).