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| Survivorship Life Insurance |
Survivorship Life Insurance or second-to-die insurance pays a death benefit at the death of the survivor of two individuals, usually husband and wife. The proceeds of the policy become available at the second death when estate tax and estate settlement costs may cause an excessive financial burden.
Because there is less of a risk involved for the insurer when the death benefit is paid after the death of two people, the cost of the policy (the premium) is less.
Because there is less financial risk for the insurer, those with medical or other impairments that would normally be rated (or possibly declined) can get approved depending upon the health of the other applicant.
Essentially the mortality risk is spread over two lives resulting in lower policy costs. Survivorship life insurance can be less costly and easier to qualify for than other types of life insurance.
| Different types of Permanent products. |
Whole Life Insurance
Survivorship Life Insurance
Joint Whole Life Insurance
Universal Life Insurance
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