Posted on: Saturday, May 28th, 2011

There are so many different types of life insurance policies to sift through that it’s often hard to know what plan is best for you.  One particular plan is appealing to more and more consumers today called the Survivorship Universal Life Insurance from State Farm.  Information from their website details what the plan offers, but simply put, it’s a flexible option to help protect your legacy and make your cash value tax-deferred.

Survivorship Universal Life is a quick and simplified way to help with your planning needs.  The death benefit is paid out once the last person under the policy passes away.  It’s designed for a couple to be insured.  Flexibility is a main benefit of this option because you decide the amount of premiums paid.  The life insurance proceeds are usually free from federal income tax and there is a guaranteed interest rate.  State Farm ensures the rate will not go below a certain percentage which is hugely valuable in this some times volatile market.

This policy strives to offer assistance with legacy planning, estate planning, business transition planning as well as possibly funding a special needs trust.  This is for people needing extended care to provide funds to pay for expenses if the caregivers are no longer alive.  There are further benefits available through riders that can be purchased to help personalize a given policy.  These optional riders are designed to enhance the Survivorship Universal Life policy and offer additional protection to the policyholder and their family.  There is even a waiver of monthly deduction which helps to preserve a policy at a time when income may be compromised due to death or disability.  If you think this kind of life insurance plan would be beneficial, you can obtain a State Farm Life Insurance quote.

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