SURVIVORSHIP LIFE INSURANCE!
The best tool for estate planning and affordable insurance at advanced ages!
Survivorship life insurance, also referred to as second to die life insurance or Joint and survivor life insurance, are life insurance policies that insure two individuals, usually husband and wife.
Survivorship life insurance is a unique life policy that is designed to help mitigate or pay for estate taxes. It accomplishes this by paying the death benefit to the beneficiary only after the death of the second insured. Estate taxes can be postponed until both spouses have passed, hence the design of these distinctive life insurance policies. Unfortunately during this age and time it is not possible to get a life insurance no medical exam in the form of survivorship.
Second to die life insurance policies are ordinarily available as either whole life insurance (permanent insurance) or universal life insurance. Through this avenue, a joint and survivor policy makes more sense as it is generally more affordable life insurance than two separate life policies.
Joint and Survivor or second to die life insurance applications in estate planning and wealth transfer!
Joint Survivorship life insurance policies are often utilized by wealthy, more affluent individuals in estate planning. By employing the use of gifting and third party ownership such as a trust in the name of children, a second to die life insurance policy can be applied to remit estate taxes. Why is this an effective strategy? Survivorship insurance can provide an excellent opportunity to pay pennies on the dollar now in exchange for 100 cent dollars later when estate taxes come calling.
You can preserve your net worth for your heirs through thoughtful estate planning and a properly structured survivorship life insurance policy.