Survivorship Life Insurance

What is survivorship life insurance?

In survivorship life insurance, two lives are insured under a single policy, but there is still only one death benefit.  The benefit is paid only after both insureds pass away.  Survivorship life insurance is cheaper than ordinary, individual life insurance because two deaths are less of a risk than one for the insurance company.

Survivorship life insurance is also known as second-to-die life insurance, joint life insurance, and joint and survivor life insurance.

Who should buy survivorship life insurance?

Any two lives may be insured under survivorship life insurance, but 99% of purchases are made by spouses.  The most common use is for paying estate taxes.  An estate is not taxed when it passes from one spouse to another, so second-to-die insurance, which concerns itself only with the second spouse’s death, is a logical choice.

If you wish to purchase survivorship life insurance or learn more from a courteous life insurance advisor, please call 1-800-823-4852 today.