Survivorship Life Insurance

Survivorship Life InsuranceEstate Planning and Survivorship Life Insurance…

Survivorship life insurance or second to die insurance is used primarily by married couples with high net worth for estate planning purposes. With this policy the surviving partner does not receive any benefits after the first spouse dies. Survivorship life insurance policy pays a death benefit when the second individual on the policy dies.

This type of life insurance provides benefits to the named heirs only after the last surviving spouse dies. Survivorship life insurance is designed to pay estate taxes on the insured high net worth thereby allowing the estate to pass directly to beneficiaries and not consumed by federal estate taxes.

The policy face amount is usually determined by an estimation of estate taxes that will become due as the estate passes to heirs of the insured.

Typically, these policies are normally whole life insurance and universal life insurance policies. Some insurance companies offer term survivorship life policies.

An important advantage of Survivorship life insurance is that the cost per thousand of coverage is less than the cost for two traditional single-insured life insurance policies. With a survivorship policy, the premium is based upon the joint life expectancy of both insureds. The single premium will be significantly less than buying a separate policy for both people, since the insurance company owes nothing until both insureds die.

Another advantage of Survivorship life insurance is that it is easier to qualify for one of these policies than for two single life insurance policies. Insurers may relax underwriting standards since both policyholder must die before any benefits is paid.

Browse our list of top rated Life Insurance carriers.

Our process is to have a single agent contact you. Once you contact us, only one insurance agent will respond to your inquiry. We do not sell your contact information to other insurance companies therefore you will not receive calls from multiple insurance companies and agents. The single agent that responds to your inquiry will search the multiple insurance companies that we represent. That agent will search our list of highly rated insurance companies instead of you and present the best quote for your consideration.


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