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.