All BMO Harris branch location ATMs are also available free of charge to Park Bank customers!
Survivorship life insurance is a form of joint life insurance that covers both people at the same time. It pays a death benefit upon the death of the second insured (why it is sometimes referred to as ‘second-to-die’ insurance), typically making it less expensive than two individual insurance policies. Some policies are able to insure a medically “uninsurable” person.
Survivorship life insurance is often used for estate planning, where it may be possible to potentially leverage today’s dollars – via insurance premiums – into a potentially significant death benefit that can be used to:
fund estate taxes
create wealth for future generations
benefit a charity
This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. Guarantees are based on the claims paying ability of the issuing company.