With Benefit of Survivorship

With Benefit of Survivorship (WROS) is a provision in a life insurance policy that allows the death benefit to be paid to a second beneficiary if the first beneficiary dies before the insured. This is in contrast to a traditional life insurance policy, which would pay the death benefit to the first beneficiary regardless of when they die.

There are several reasons why someone might choose a WROS policy. One reason is that it can provide peace of mind for the insured, knowing that their loved ones will be financially protected even if they die before their spouse or other primary beneficiary. Another reason is that it can be a more tax-efficient way to pass on wealth to heirs.

There are also some disadvantages to WROS policies. One disadvantage is that the death benefit may be reduced if the second beneficiary dies before the insured. Another disadvantage is that WROS policies may be more expensive than traditional life insurance policies.

Ultimately, the decision of whether or not to purchase a WROS policy is a personal one. It is important to weigh the pros and cons carefully before making a decision.

Here are some additional details about WROS policies:

* The second beneficiary is typically the insured's spouse, but it can be any other person or entity.
* The death benefit is paid to the second beneficiary only if the first beneficiary dies before the insured. If the first beneficiary survives the insured, the death benefit is paid to the first beneficiary's estate.
* WROS policies can be used to provide financial support for a surviving spouse or other loved one, or to pass on wealth to heirs.
* WROS policies may be more expensive than traditional life insurance policies, but they can also be more tax-efficient.
* The decision of whether or not to purchase a WROS policy is a personal one. It is important to weigh the pros and cons carefully before making a decision.