How Survivorship Life insurance Works

Article Posted by Expert Author: Adam Foley  on 03/22/2013

Although you have probably heard a lot about both Term and Whole Life insurance coverage, you may also want to consider Survivorship Life insurance, when you compare life insurance companies in Illinois. This may not be the most popular option, or one that you hear a lot about, but it does offer the perfect coverage for certain people; you may just be one of them. Depending on where you look, some companies call this Joint and Survivor insurance or Second-to-Die insurance as well.

Basically, the policy covers two people. In the event that one person passes away, coverage would be paid to the survivor. One of the greatest advantages is that it is extremely affordable. You can ensure that the funds are available to use for estate, fees and tax expenses, and you are able to equalize your estate when assets are challenging to divide among beneficiaries. Survivor Life insurance gives you the opportunity to provide funding to your child or a dependent with special needs after your passing. If you and your significant other are looking to obtain a policy together, you may want to get rates for this type of coverage when you compare life insurance quotes in Illinois.

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