Survivorship Universal Life Insurance provides money to others after you and your partner pass away.
Survivors’ rights universal life insurance is often referred to as “second-to-die insurance.” It covers two people and pays a benefit only after both protected people have died. Because it costs less than two individual permanent policies, it’s an affordable option to leave a larger savings fund for your heirs or your favorite cause.
Is survivorship universal life insurance right for my family?
You have worked hard to take care of your family and create your wealth. You plan to leave your money to loved ones or your favorite charity and make a difference in their lives. If you need an affordable option to help protect and grow your legacy after you and your partner pass away. Survivors’ Rights Universal Life Insurance may be an option for you. Benefits include charitable donations—coverage for the continuing needs of a person with a disability, business transition planning. And the ability to help pay federal estate taxes and other estate resolution costs that are due after both of you are married. Spouses die.
How is Survivorship Universal Life Insurance used?
Survivors’ rights universal life insurance policy can help with:
- Charitable donations. You can donate money to a charity you want to help long after your death.
- Support of a disabled child. Couples responsible for supporting a person with a disability often establish a special needs trust with a survivor’s policy to ensure that their child continues to receive care.
- We are planning for the transition of a business. You can provide the funds to compensate family members who are not interested in continuing the business.
- Be planning. With intelligent estate planning, death benefits will generally pass to heirs as tax-free income, which can help fund mandatory federal estate taxes.
Life insurance coverage at a glance
Whether you’re looking for the affordability of term insurance, the lifetime protection and cash value of permanent insurance, or a combination of both, we have options to fit your needs and budget. Decide what coverage is right for you before getting a life insurance quote.
Some types of permanent insurance offer flexible premium payments and options for constant. Or they were increasing death benefits.
What are the benefits of Universal Life Insurance with Survivors’ Rights?
Survivors’ rights universal life insurance policies generally offer a few advantages, including:
- They are accessible. Since a survivorship universal life insurance policy covers two people, it typically costs less than two separate insurance policies.
- They accumulate cash value. A portion covers the cost of life insurance and policy expenses when you pay your premium, and the remainder is applied to a cash-value account. Cash value growth is federally tax-deferred. And they are maybe accessed over time for various personal needs, although withdrawals may carry consequences.
- Unpaid loans and withdrawals will reduce the guaranteed death benefit and the policy’s cash value. Loans also accrue interest.
- They can be personalized. You can customize your policy with available riders, which may allow you to tailor your coverage itself to your particular situation.