SURVIVORSHIP (Second to die life insurance policy) Survivorship life insurance used for estate planning is also known as Second-to-die or as joint survivor life insurance. It differs from traditional life insurance polices in that it insures the lives of two people, usually married, under a single policy and pays out the death benefit only after the second insured dies. It can be a valuable part of your financial strategy, particularly if you have a large estate you want to help protect. Survivorship policies are typically more affordable because you’re purchasing a single policy instead of two separate policies and because both policyholders must die before a benefit is paid. Sometimes it can be easier to qualify for than individual life policies due to underwriting requirements. Survivorship life is traditionally issued as a permanent policy, either whole life or universal life, but can also be issued as a term life insurance policy.Features:Income tax-free death benefit paid to beneficiaries after second insured diesAllows transfer of wealth in a tax-efficient mannerTax free death benefit proceeds can provide immediate cash to pay any estate taxes and other expenses dueProvide funding beyond your lifetime for care of a child or other dependent with special needsLife insurance policy with a tax-deferred investment component that could potentially increase the amount of your death benefitProvides funds to help equalize your estate among beneficiaries when assets are difficult to divide appropriatelyPolicy loans may be available to borrowGenerally less expensive than purchasing two single policiesLife insurance needs arise from both personal and business concerns and can include cash for estate tax liabilities, funding a college education for grandchildren, or to fund a trust for a disabled child. For these and other second death concerns, survivorship insurance can often be the right policy to meet estate planning needs. Have a Question? Request a quote or financial review 973-285-1040 Name Email Address Phone Question Thank you! Oops!