Arkansas Life and Health Insurance Practice Exam

The Joint and Survivor life insurance policy is ideally suited for estate planning purposes because it covers two individuals, typically spouses, and pays out the death benefit upon the passing of the second insured. This can help in ensuring that funds are available to cover estate taxes, debts, and other expenses that may arise upon the death of the second individual. Term Life insurance is temporary coverage and does not have the same estate planning benefits as the Joint and Survivor policy. Universal Life and Whole Life insurance policies can provide permanent coverage, but they do not offer the same benefits for estate planning purposes as the Joint and Survivor policy specifically designed for covering estate-related expenses for two individuals.