Top 10 Survivorship Life Insurance (Joint Life)

Survivorship Life Insurance, also known as Joint Life Insurance, is a type of life insurance policy that covers two individuals, typically spouses, under a single policy. The death benefit is paid out only after both insured individuals have passed away, making it different from traditional life insurance policies which pay out upon the death of a single insured person.

This type of policy is often used for estate planning purposes. It can help cover estate taxes, ensuring that heirs receive the maximum value from the estate without the burden of significant tax liabilities. Additionally, it can be an economical choice for couples since the premiums are generally lower compared to two individual life insurance policies. Survivorship Life Insurance is particularly beneficial when one partner is uninsurable due to health reasons, as the policy considers the combined health of both individuals. Furthermore, it can be structured to support long-term financial goals, such as funding a trust for children or grandchildren, providing financial security for special needs dependents, or making charitable donations. Despite its benefits, it's important to consult with a financial advisor to determine if this policy aligns with your specific financial and estate planning needs.