Survivorship Life Insurance - Save Money With One Policy
Survivorship life insurance (also known as second to die life insurance) is a viable way to for insuring the lives of 2 people. In the case of an unfortunate circumstance, your spouse or loved one will be financially set to absorb the expenses related to burial expenses, paying off the mortgage, and any other related expenses.
All funds are paid to the beneficiary (usually the husband or wife) upon death as will be stated in the terms of the policy.
Typically, survivorship life insurance will be available as either universal life insurance or what is known as whole life insurance.
Universal life insurance is a policy that aids in supporting lifelong insurance protection as well as funding long term financial goals. On the other hand, whole life insurance provides financial protection for your entire life as long as the insurance premiums are being paid.
The policy premiums will be cheaper for the both of you with survivorship life insurance because you don't have to open up two separate policies to provide coverage. Instead, each of you will be covered under one policy.
Another benefit to survivorship life insurance is that it can help individuals in the "upper class" status of living. The beneficiary is allowed to use the proceeds from the policy to pay for estate taxes if needed.
If you're looking to provide dual protection for you and your loved one, consider getting a survivorship life insurance quote with 4Insurance. Not only are they well established with the Better Business Bureau, but you'll receive fast firm quotes from the nation's top life insurance carriers around. Click here for a quick quote.