Survivorship Insurance Policy: Become A Soul Survivor

Help Protect Your Net Worth after Your Passing

By Rafael Onak, InsuranceAgents.com Staff Writer

Nobody likes to see their money fall into the hands of strangers, but with a survivorship insurance policy, you can ensure your money doesn’t go to the IRS at your death. Survivorship life insurance, or "second to die" life insurance, is a policy that insures the lives of two people, typically a married couple. While estate taxes may be unavoidable, this coverage can help protect an individual’s overall net worth. Start comparing quotes on a new policy by getting up to 5 offers from competing agents.

The death benefit is not rewarded to the beneficiary until the second individual insured dies. The coverage is more often than not available as either a whole or universal policy, and typically provides cheaper life insurance than two separate policies. 

On top of being inexpensive, a survivorship insurance policy offers a number of other benefits:

1. Easier to purchase. It’s much easier to qualify for a survivorship insurance policy than for single insured life insurance. Since both policyholders must pass on before the benefit is paid, the insurer cares less about the health you’re in.  
2. Preserves your estate. Many individuals who want to preserve their assets for significant others obtain a survivorship insurance policy. They purchase coverage so their estate transfers intact to their heirs while the policy pays the taxes.

Inquire about a Survivorship Insurance Policy Today

Before you obtain a survivorship insurance policy, find out how it would be affected by a divorce. Some insurance companies offer riders that break the policy into two separate entities in such circumstances.

If you’ve worked hard throughout your life and have built up an attractive net worth, prevent any losses with a survivorship insurance policy. Life insurance agents are standing by to answer all of your questions, so if you’re considering investing in a survivorship insurance policy, consult with one today. Use our online quote forms to compare up to five quotes today.

Published: Monday 31st August 2009