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.
However, if your spouse is the only primary beneficiary and he or she is 10 years younger than you, your life expectancy factor is taken from the IRS
Joint Life Expectancy Table (PDF).
However, if your spouse is the only primary beneficiary and he or she is 10 years younger than you, your life expectancy factor is taken from the
IRS Joint Life Expectancy Table (PDF).
At the second death (in 42 years
at joint life expectancy, or age 92), Tim and Maureen's net estate is $ 66,328,678 ($ 7 million value in 2012 after the $ 5 million gift and assuming 5.5 % annual growth).
Substantially equal periodic distributions that start after you separate from service over your life or life expectancy (or the lives or
joint life expectancy of you and your beneficiary);
1) Required minimum distribution method: This method takes your current balance and divides it by your single life expectancy or
joint life expectancy.
The premium is based on
the joint life expectancy of the couple.
Certain distributions spread over a period of at least 10 years or over your life or life expectancy (or the lives or
joint life expectancy of you and your beneficiary);
Since your spouse is much younger,
your joint life expectancy is then greater.
If you elect to annuitize your annuity contract, you are choosing to receive your payments on a schedule that can be based on a single or
joint life expectancy (for you and your spouse, for example) or for a specified period of time.
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 %.
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.
Based upon variables like
the joint life expectancy of a couple, our personal injury lawyers can collectively determine an accurate amount to use for an insurance settlement in any case involving a wrongful death.
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.
Survivorship life insurance can be more affordable than two individual policies because rates are calculated based on
the joint life expectancy of the insured individuals.
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.
Since the cost per thousand dollars of death benefit is based upon
the joint life expectancy of both parties the premium can be significantly less than the cost of purchasing two individual policies.
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.
Since your premium is based upon
the joint life expectancy of both insureds — like you and your spouse — survivorship life insurance is usually less expensive per thousand dollars of death benefits than traditional universal life insurance.
The premium is based on
the joint life expectancy of the couple.
Since the insurance carrier's cost of the death benefit is based upon
the joint life expectancy of both spouses, the theory is that the premium would be significantly lower than the price of buying two individual policies.