While this is straightforward for a single client, it's a little messier for a married couple, as the software still only gives an individual life expectancy for each member of a couple, and not
a joint life expectancy for both.
Joint life expectancy for Tim and Maureen is 42 years.
Not exact matches
Because the premium
for survivorship insurance is based on
joint life expectancy, the cost is usually less (per thousand dollars of death benefit) than it would be
for a policy covering either
life alone — and significantly less expensive than buying two separate policies.
After all, as the chart below indicates (from Spending Flexibility and Safe Withdrawal Rates by Michael Finke, Wade Pfau, and Duncan Williams from the March 2012 issue of the Journal of Financial Planning, and based on the Social Security Administration period
life table
for 2007), the probability of a
joint life expectancy of 30 years
for a 65 - year - old couple (to age 95) is already as low as 18 %.
Our wrongful death attorneys can calculate the accurate dollar amount to use
for an insurance settlement based on variables such as the
joint life expectancy of the couple.
Substantially equal payments: If your IRA distribution is part of a series of substantially equal periodic (not less frequently than annually) payments made
for your
life (or
life expectancy) or the
joint lives (or
joint life expectancies) of you and your designated beneficiary, the withdrawal is generally not subject to the 10 % tax penalty.
The premium is based on the
joint life expectancy of a couple, and because it pays nothing until both spouses die, the premium is significantly less expensive than buying separate policies
for both people with the same total dollar amount in benefits.