Burial Insurance Topics
Burial Insurance FAQ
What Is Survivorship Life Insurance?
Survivorship Life Insurance
Ever wondered “What Is Survivorship Life Insurance?” Survivorship Life Insurance, also known as Second to Die Life Insurance is a life insurance policy which only pays out when both halves of a couple (often married couples or life partners) have passed away. They are cheaper than many individual life insurance policies because, although the insurance is covering two lives, there will only ever be the one pay-out.
Survivorship Life Insurance is particularly useful for couples who, maybe, have one partner with health problems who would find it impossible to find individual life insurance cover, or also for couples who have a large estate which could be swallowed up by inheritance tax or death duties. If the survivorship life insurance policy is sufficient to cover the price of the taxes, for example, then the survivors would be able to benefit from all of their inheritance without any of it being gobbled up by the tax man.
Survivorship Life Insurance is not suitable for those who rely on their partner for their financial security and need an insurance pay out to be able to survive, but in some instances it is still a very worthwhile policy.
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