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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
March/April 2021
Survivorship Policies: Filling a Need
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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