(360) 419-0100
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(360) 419-0100
Talk to a live agent now!
[email protected]
Send us an email anytime!
Survivorship Life Insurance
What is Survivorship Life Insurance?
Survivorship life insurance is a form of universal life insurance that covers two people with one policy. The benefit is only paid after both of the insured have passed away. It is less expensive than two separate policies, so it is an affordable way to leave a larger payout to your loved ones or a favorite charity.
Survivorship life insurance is generally used to help pay estate taxes, provide funds for a special-needs child, establish an educational fund, or provide a benefit for charity.

How It Works
A survivorship life insurance policy can help plan for certain needs. It can help preserve your estate, even if you have dipped into your assets during retirement. Survivorship life insurance will leave a death benefit that is is usually income-tax free to your beneficiaries. The death benefit can be used to offset federal estate taxes, protecting your estate. A survivorship life insurance policy can also be used to transfer ownership of a business. This is especially useful in family-owned businesses, allowing family members to have the ability to continue the business. You can also use the life insurance benefit to provide long-term care for a special-needs child when caregivers are no longer there.
Additional Benefits
Besides providing funds for your beneficiaries, there are more benefits to survivorship life insurance. You can build a federally tax-deferred cash value that can be accessed at any time for educational costs, help with retirement needs, or any other expenses. Survivorship life insurance has flexible premiums that can be raised or lowered depending on your needs or your financial situation. Since this policy covers two people and the death benefit is only paid after both of the insured have passed away, it is generally less expensive that two separate universal or whole life insurance plans. No matter the amount of the death benefit, it goes to your beneficiaries income-tax free.
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