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Joint vs. Survivorship Life Insurance: Key Differences Explained
Explore the pros and cons of Joint vs. Survivorship Life Insurance. Find out which type suits your future planning needs best. Joint Life vs. Survivorship Life Insurance: Which is Right for You? When planning, life insurance is an important consideration. Two common types of life insurance policies are Joint Life and Survivorship Life. Understanding the key differences between these two can help you make an informed decision that best suits your needs. Joint Life Insurance • Coverage: This policy covers two individuals simultaneously. • Payout: A lump sum death benefit is paid upon the death of the first insured person. • Common Use Cases: o Estate planning to cover estate taxes o Business partnerships to buy out a deceased partner's share Survivorship Life Insurance • Coverage: This policy covers two individuals, but the death benefit is paid only upon the death of the last surviving insured person. • Common Use Cases: o Estate planning to cover estate taxes for both spouses o Lo...
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