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Survivorship life insurance

For couples that want to leave a legacy, survivorship life insurance can help make sure there’s money available for your loved ones after you’re gone.

What is survivorship life insurance?

Survivorship, also known as “second-to-die” insurance, is a type of joint life insurance policy that you can buy as a couple. With survivorship policies, your family receives a cash payout called a death benefit after both you and your partner have died. Couples often use survivorship policies to meet estate planning needs, pay credit cards or other debts, cover any taxes, or leave a legacy for children or other family members.

Survivorship plans are generally permanent life insurance policies, which can include whole life, variable life, and universal insurance options. That means they’ll cost more than term life insurance, but they’ll offer lifelong protection for you and your partner. Because survivorship plans are joint life policies, you also won’t have the hassle of buying and paying for two separate policies.

How does a survivorship life insurance policy work?

With survivorship life insurance, you and your spouse will apply to be covered together under a single plan. You pay monthly or annual premiums to keep the policy active, and your life insurance company will pay the policy’s death benefit after both you and your spouse have passed on.

Survivorship can be a good fit for couples looking to leave something behind for the next generation, whether that’s an inheritance for the kids or extra cash to cover unpaid debts, funeral costs, or other expenses. Since the policy doesn’t provide a cash payout until both partners have died, survivorship insurance isn’t the best choice for families with a single income earner. In those cases, individual life insurance policies for both partners may be a better fit. That way, no matter who dies first, the surviving spouse will receive a life insurance payout they can use to pay for any expenses while also staying covered with their own plan.

When buying survivorship insurance, you may also want to consider your options in case of divorce. Some insurance companies will let you split your survivorship plan into separate permanent policies or change your plan without extra underwriting. Talk to a life insurance professional about your options.

Benefits of survivorship life insurance

Survivorship insurance can provide lifelong peace of mind for you and your partner. With this plan, you can:

  • Leave a legacy

    Leave a legacy

  • Save on premiums

    Save on premiums

  • Get approved more easily

    Get approved more easily

  • Gain lifelong protection

    Gain lifelong protection

You’ve got survivorship life insurance questions. We’ve gotanswers.

Survivorship life insurance quotes through eFinancial

At eFinancial, we’re here to help you find survivorship and joint life coverage that fits your needs and budget. You’ll have access to term life, permanent life, and final expense options from over 20 life insurance companies. Our team of agents is here to guide you through the life insurance process, so you can get covered as quickly as possible. We’re committed to making the process simple, affordable, and convenient for you and your family.

To get started, request your free, no-obligation online quote or call 866-388-3996800-957-9525 to talk with one of our agents.