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Articles Living Together - Are There Any Strings Attached? Unlike marriage, which entails numerous legal obligations and rights, "living together" outside of marriage is particularly nebulous with regard to these matters. For some individuals, this may be the primary reason for avoiding marriage. However, what happens when property is purchased together (e.g., a home) or when one partner financially supports the other and the couple subsequently goes their separate ways? What about assets accumulated while the couple lives together? Does a former partner have a right to such property? Suddenly, cohabitation becomes more than a mere living arrangement and is transformed into an issue of asset protection or lifestyle preservation. You Insure Your Car... You Insure Your Home... But, What About Your Income? What if you suddenly became sick or hurt and lost your ability to earn a living? How would you pay your bills and daily expenses? According to the Insurance Information Institute (III, 2007), 43% of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65. Creative Insurance Solutions for Today's Mature Family One of the more flexible and creative products to enter the insurance arena within recent years is survivorship life insurance. Often referred to as last-to-die or second-to-die, this life insurance policy insures two individuals, yet provides only one death benefit payable at the death of the second insured. In many instances, survivorship life insurance may be less expensive than a single life insurance policy on one of the insureds. This is possible because the insurance risk is spread over the life expectancy of two lives rather than one. In fact, two individuals can be insured even if one is medically "uninsurable," thus providing added security and planning potential for otherwise difficult situations. more articles