Survivor Protection is provided by life insurance, So the Correct answer is “a” Which is Survivor Protection.
Life Insurance can provide which of the following?
a) Survivor Protection
b) an accidental death rider
c) a health condition
d) living benefits
Also, Know;
What is Survivor Protection in Life Insurance?
Many people think that life insurance guarantees that their family will be taken care of when they die, but in reality, it is not much more than a gamble. Survivors Protection, on the other hand, is a much more certain and tangible form of protection for your spouse and children.
The Survivor Benefit feature offered by most life insurance plans provides an income to your spouse for up to two years following your death. This benefit can last for as long as five years in some cases, depending on the type and amount of coverage you purchase. It replaces any loss of financial support due to your passing. The Survivor Benefit can also provide funds needed for homeownership expenses following the death of the insured party who was maintaining the household mortgage payments.
You can think of the Survivor Benefit as a sort of income insurance policy. It is designed to protect your spouse with the same comfort and convenience that you enjoy when you purchase life insurance coverage for yourself.
Survivor protection, unlike term life insurance, is designed to provide for your family for as long as it is needed, often into perpetuity. Term life will only last until a certain time period has passed and then your family will have nothing left over once the last payment has been made to the beneficiary on death.
How does survivor insurance work?
Survivor insurance is a type of life insurance policy designed specifically for survivors. It is also often referred to as “life insurance on your life.”
The basic premise of survivor insurance is that you would pay into it and then if something should happen to you, your beneficiaries would receive the amount you had pre-paid into the policy.
This can be a helpful way for someone who has recently become widowed or divorced to provide financial relief for their children in times of need. However, survivor insurance also has a number of other benefits which make it an attractive option for many people.
What are the Disadvantages of survivor insurance?
The primary drawback associated with purchasing a life insurance policy is the cost. Because the survivor policy is often issued for much shorter durations of time than other different types of plans, it is more expensive than a normal life insurance policy.
It is common for a couple to purchase survivor life insurance as a way to pay off their mortgage, or help with college bills. However, this loan cannot be paid off in lump sum payments and some companies do not offer that option. Instead, survivors must pay in installments until their premium is fully paid. This can sometimes take years to accomplish.
Conclusion:
It is hard to imagine life without the people closest to us. Unfortunately, sometimes the unthinkable happens and we are faced with the ultimate empty feeling. We can’t just turn away from all of the memories that are left behind, so we need to ensure we have some type of protection in place.
Our blog post explained what life insurance can provide and the benefits that you can gain.