Survivorship Life Policy at Life

Survivorship Life Policy. Instead of having two policies, one for each person, a couple instead opts for a single policy on both parties. Survivorship life insurance also goes by various names, including:

Since one survivorship universal life policy covers two people, it generally costs less than two separate policies. What is survivorship life insurance? This makes it very different that other types of life insurance.

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When you pay your premium, a portion covers the cost of life insurance, policy expenses and the remainder is applied to a cash value account. Survivorship life insurance only pays the benefit to the beneficiary when all the policyholders or insured people on the policy have died. Survivorship policies insure two lives, typically a husband and wife, under one life insurance policy and pays a life insurance death benefit after the surviving insured has passed away. What is survivorship life insurance?