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Joe Diamond, CPA, CFP®, EA, MST


Diamond Financial Corporation

4256 North Arlington Heights Road, Suite 204

Arlington Heights, IL 60004


Phone: 847-884-8500 




March/April 2021

Survivorship Policies: Filling a Need

Family protection. Insurance concept. Vector illustration flat design. Isolated on white background. Paper chain people. Agent hold umbrella hand protects the family. Health care, safety. helping.

A survivorship policy — also called a second-to-die policy — insures two lives, typically, a married couple (or business partners), with the death benefit paid out after the death of the second person.

The Strategy
When the second spouse or partner dies, proceeds from the life insurance policy are available to pay expenses. Survivorship policies are often purchased by couples who want to preserve more of their wealth for heirs and used in conjunction with a trust. For more information, talk to your financial and legal professionals.

Cost Advantages
Because the premium on a survivorship policy is based on the joint life expectancy of the insured, the cost may be significantly less than the cost of buying two single-life policies.

Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid. Accessing cash values may result in surrender fees and charges and may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. Guarantees are based on the claims paying ability of the issuer.


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