Survivorship Life Insurance Policy

Survivorship Life Insurance Policy

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Survivorship Life Insurance Policy

Survivorship Life Insurance Policy definition:  A survivorship whole life insurance policy insures a group of individuals. The death benefit is paid when the last joint owner dies, as opposed to a first-to-die policy. Compared to individual policies, the premiums are typically lower on a last-to-die policy since the combined life expectancy is used to calculate premiums. This is an option when a married couple doesn’t forsee needing a death benefit for the surviving spouse and wishes to provide for the children or other beneficiaries instead after both have passed.

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