Post retirement benefits such as life insurance are benefits that
accrue throughout your years of service in the workforce. Once you
pass away, the amount accrued will go to your beneficiary to help
cover funeral expenses and etc. a Other post retirement benefits are
accrued liabilities, like pensions, and are reflected on the balance
sheet. a Differences between pensions and OPRB's are that the
beneficiary for pensions are the employee, while the later is the
employee's spouse or children; pensions are set amounts paid
monthly & life insurance is paid out when the employee dies; and
pensions are tax deductible unless it is cashed out prematurely. a
If I had to chose between pension or life insurance, I would choose
life insurance. a This way, if I a were to pass away unexpectedly; my
family would have an amount of money set aside that can go towards
my funeral costs. This would prevent the burden on my family for
having so scramble for money and potentially struggle with bills, etc.
due to my passing.
