Survivorship Insurance

Life becomes more complicated when both parents are gone. Costly estate taxes can become a burden for surviving family members. Survivorship insurance, also called second-to-die insurance, acts as a buffer against these taxes and is a very good choice for estate planning.

What Is Survivorship Insurance?

Survivorship insurance covers two people on a policy – usually a husband and wife. The death benefits in survivorship insurance policies are not distributed to beneficiaries until the second party on the policy passes away.

Benefits of Survivorship Insurance

Survivorship Insurance benefits include:

  • Estate Planning – Settling a family’s estate is a complicated, tricky and often times expensive process. Survivorship benefits can be used to pay for estate taxes and other expenses.
  • Creating a Legacy – By taking out survivorship insurance, you can create a bigger financial legacy for your heirs.
  • Special Needs Care – Parents of special needs children face a tough question: Who will care for my child when both of us are gone? Survivorship insurance can be used to give financial stability for children who require lifetime care.
  • Health Concerns – Life insurance policies covering one person can become costly if an individual faces health issues. Survivorship insurance premiums usually cost less than those of individual life policies. Survivorship insurance policies are typically easier to obtain if one of the two people on a survivorship insurance policy is healthy.

Survivorship insurance will Crash-Proof what you leave behind for your next of kin. It’s a great vehicle that’s an even better final gift to pass on to loved ones. Contact a First Senior Financial Group educator today for a free consultation.


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