A survivorship or a second to die life insurance is a life insurance policy that covers the lives of two individuals with just one policy. This policy pays a death benefit after both insureds have died. The cost or premium for this survivorship policy is usually lower than the cost for two individual life insurance policies.
A second to die life insurance policy is the most appropriate for individuals who would only need to pass along their death benefit upon the death of second spouse. Here are a few special scenarios that make second to die life insurance coverage especially appealing:
- A couple that has a special needs child who they wish to provide for financially after they both gone.
- A couple that is concerned about the high premium of individual coverage because one of the proposed insured may be not in optimal health.
- A business owner or partners that are looking to provide funds for the business in the event that both partners die (whether the funds are used to pay liquidation expenses or to help keep the business operating until it can be sold).
- A couple who is looking for a financial vehicle to fund their estate taxes liabilities or provide an inheritance upon the second death.
There are various kinds of second to die life insurance policies like whole life, guaranteed universal life and indexed universal life. There is no one-size-fits-all survivorship policy. The type of insurance policy that is appropriate for you depends on your individual scenario. Please call (877) 972-3262 or complete quote request form for consultation and comparison of various policies and insurance companies now.