12 Flashcards
Joint life
Buying house
For mortgage protection if both work and earn close to same and one dies
Ins pays mortgage for surviving spouse
Used to insure lives of business partners in funding of buy sell agreement
Joint life
Business continuation agreement that determines what’ll be done in event owner dies or becomes disabled
Buy sell
Determines by averaging ages of both insured
Premium joint life rates
Couple owns permanent policy covering both lives pays death benefit only upon death of first insured
Joint life policy
Survivorship aka
Second to die
Similar to jlp in that insures based in joint age
Survivorship life
Major difference in survivorship and joint
Survivorship pays in last death rather than first
Extended in a sense since based in second death and results lower premium than jlp
Survivorship
Often used to offset liability of estate tax upon death of last insured
Survivorship
Twins new business
Several years to build and pay off debt
Best insurance?
Joint life
Contract that provides income for specified period of years or for life
Annuity
Protects against outliving their money
Annuity
Not life ins but Esther vehicle for accumulation of money and liquidation of estate
Annuity
Marketed by life ins companies and life ins agents are authorized to sell some types
Annuities
