What is last survivor life insurance?

by Guest » Fri Oct 28, 2011 09:51 am
Guest

Can anyone tell me what a last survivor life insurance is? Is this kind of life insurance beneficial? Please advice!

Total Comments: 2

Posted: Fri Oct 28, 2011 10:15 am Post Subject:

Last survivor life insurance, or survivorship life insurance, is a type of joint whole life insurance designed mainly for married couples.
Federal estate taxes are not collected on property left to a spouse, but when the surviving spouse dies, estate taxes are due and can be very high. A last survivor policy pays a benefit only after both spouses have died, providing funds for estate taxes.

Posted: Sun Nov 27, 2011 09:25 pm Post Subject:

Also know as 2nd to die. This type of policy has several uses in estate planning, whether it be wealth transfer or to pay for estate taxes. This type of policy is basically pays the death benefit upon the second insured's death.

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