What does former rock star Gene Simmons (of the band better known as KISS), have to do with life insurance? Here’s a clue: rock stars, like professional athletes, entertainers and other celebrities, occupy the elevated station of “high net worth individuals.”
“All of those who have worked hard to become high worth individuals want to maximize our estates for our loved ones. It’s your responsibility to find out everything you can about your life insurance strategy,” said the lead singer.
“Life insurance is a must,” he says. “It’s the one thing in your life you are doing for everybody else. Once you are dead, you really don’t care, but while you are alive it is the one big, selfless thing you should be doing. And you should try to maximize the amount of money that you leave behind to your family, your loved ones and whoever else you deem.”
Free Life Insurance Quote:http://www.mintcofinancial.com/products/life-insurance-2/
Understanding Survivorship Life Insurance
Survivorship life insurance ("second-to-die" or survivor insurance) provides one policy that insures the lives of two people, usually spouses. No proceeds are paid when the first spouse dies. The policy remains in effect and premiums may need to be paid. The death benefit is not paid to the beneficiary until the death of the second insured.
An Estate-Planning Tool
For couples who expect that substantial estate taxes will be assessed on the death of the second spouse, survivorship life insurance is an attractive estate planning vehicle. By providing a death benefit upon the death of the surviving insured, survivorship policies can be used to pay sizeable estate taxes and other expenses at the death of the second spouse.
Mintco Financial Advisors can assist you and help you decide if survivorship insurance is right for your estate planning needs. Contact us at mminter@mintcofinancial.com or call us at 813-964-7100
Health Considerations
Survivorship insurance may be a good strategy in cases where one member of a couple is in less than good health, making other types of insurance extremely expensive. Since two lives are insured, premiums for survivorship life policies are relatively low compared to individual policies on each spouse’s life. Therefore, if the other spouse is in reasonably good health, the couple can usually obtain survivorship life insurance.
Free Life Insurance quote:http://www.mintcofinancial.com/products/life-insurance-2/
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