This week, Craig Siminski, of Equity Design Group, shares with us an Affordable insurance solution: Survivorship Life Insurance.
Many people allow their term life insurance policies to expire once their children are grown. This may not be a good idea, especially if you have other bills and your spouse would need continued financial support.
But a new term policy can be quite expensive when you are older. Survivorship life insurance may be a more cost-effective solution. Survivorship Life premiums are generally lower than individual policy premiums because the life expectancy of any one member of a couple is longer than for each person individually.
Survivorship life insures the lives of two people, typically a married couple, and pays a death benefit after the death of the last-surviving covered person.
For this reason, it is sometimes called second-to-die insurance. Because only one death benefit is paid and premiums are based on the life expectancies of both insured individuals, the cost is usually…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 20 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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