A survivorship life insurance policy could make sense if there is an age disparity or health issues.
It s also good for high net-worth couples looking to lessen estate gift taxes for their beneficiaries.
Married couples can get separate individual life insurance policies, but there are also joint life insurance policies geared towards married people and couples. According to Mark Williams, CEO of Brokers International, joint life insurance policies can be beneficial for high-wealth couples seeking to lessen the impact of inheritance and estate taxes on their beneficiaries.
There are two types of joint life insurance: first to die and second to die. Second to die joint life insurance is also known as survivorship life insurance, because both people must die before beneficiaries receive the death benefit.
What is a life insurance medical exam?
Traditional insurance policies require a medical exam, which includes the collection of a blood and urine sample, as part of the underwriting process. The underwriting process can take 4-6 weeks or longer.
People with certain pre-existing health conditions may be ineligible for traditional life insurance they should consider no medical exam life insurance.
What happens during a life insurance medical exam?
The insurance company sends a paramedical professional to your home or business to perform the exam. The medical exam, also known as a paramedical exam, can take up to 30 minutes and usually includes a blood and urine sample, weight, and blood pressure screening.