Last Survivor Life Insurance Florida FL
Reader’s Question:
My husband and I are interested in purchasing a life insurance policy here on Florida, we were wondering if you can tell us about last survivor life insurance, thanks!
Brooke
Daytona Beach, FL
Last Survivor life insurance coverage are policies that are aimed at married couples. It is also considered a joint whole life insurance policy where the death benefits are only awarded once both spouses or insured couple dies. Estate taxes are only collected once both individuals have passed away and any amount of property or benefits left to the surviving spouse are not taxable.
One of the benefits of going with a last survivor life insurance policy there in Florida would be lower life insurance premiums as compared to getting two individual policies for each spouse. This is because there is twice the chance that the life insurance provider would not need to grant death benefits too soon since both spouses would have to pass away for the full benefits to be realized.
This type of policy also has a less stringent health or medical underwriting requirement, making it easier for more people to get approved life insurance coverage. It would still be beneficial for you and your partner to discuss specifically what your goals and needs are to make sure that you are getting the right kind of policy. Some type of last survivor policies would also incur a cash-value amount where portions of your premiums would be placed regularly. Shop around and get a good idea of the best rates available before agreeing to sign a policy.
Tags: joint life insurance, survivor life insurance, whole life insurance, advise
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