A 64-year-old federal retiree must choose between a $58,000 single-life pension or $52,000 with a survivor benefit for a 60-year-old spouse. The $6,000 difference is the cost of survivor protection. Opting for the single-life pension and purchasing a 20-year term life insurance policy often offers better cash flow and flexibility. Alternatives include taking the survivor benefit if insurance is unavailable or combining a smaller survivor option with a smaller term policy. Underwriting and spouse's Social Security benefits are key factors.