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What is Last Survivor Life Insurance?

Last survivor life insurance, or survivorship life insurance, is a type of joint whole life, designed mainly for married couples.

Federal estate taxes are not collected on property left to a spouse, but when the surviving spouse dies, estate taxes are due and can be very high. A last survivor policy pays a benefit only after both spouses have died, providing funds for estate taxes.

There are three advantages of last survivor life insurance over individual coverage:
  1. Lower premiums -- more cost effective than two individual policies.
  2. Medical underwriting standards may be eased with respect to one of the insured's, due to second death payouts.
  3. Lower "economic benefit" reportable for income taxes in Split Dollar Plans (often 10 times lower).

 

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