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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
January/February 2020
Two-for-One Life Insurance
Today’s life insurance policies generally can do much more than policies of years ago. For example, joint life insurance is one of those twists on this important coverage that may not be familiar, but it may be appropriate for some families and business owners.
Comparing the Two
Joint life insurance comes in two varieties: first-to-die and survivorship life. Both types insure both spouses (or business partners) with just one policy and eventually, will pay one benefit. One pays benefits after the first death of a person named on the policy, and the other pays only after both insured people die.The similarities are more numerous. At its core, life insurance provides basic income replacement — a necessity for most families with children to raise or assets to protect against estate and inheritance taxes. Joint life may also be less expensive than the cost of two separate life insurance policies, especially if one person has preexisting health conditions. Either type can serve as a financial legacy to loved ones and favorite charities.
Making the Choice
Its name isn’t very attractive, but its reason for being may be: First-to-die life insurance may be the most economical choice for parents of minor children. It can also financially protect a spouse who is concerned with replacing the regular income of a deceased parent or, in the case of a deceased homemaker, the care needed for younger children. And while survivorship life insurance has a more pleasant name, its purpose is just as noble: to provide financial protection for beneficiaries.There are a couple of reasons why joint life insurance isn’t right for everyone. One is the simple reality that you and your loved ones or business partners may need more than one life insurance policy. Another reason, which most policyowners don’t realize until after the fact, is that divorce can make dividing a joint life policy difficult without a related rider.
GE-2756113 (10/19) (Exp. 10/21)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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