when funded with a cash value life insurance policy death benefits are available to provide a continued periodic payment or a lump sum payment to the family in the event of the executive s death depending on the details of the policy these benefits can support a surviving spouse and potentially the executive s dependents beneficiary designations are important with such policies because they supersede what is written in a will and allow assets to be distributed while an estate is in probate or even if the executive died intestate 
disadvantages of a serp