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Survivorship Life Insurance

Protect the people you love when you can no longer be there. 

Survivorship life insurance, also called “second-to-die” life insurance, is a type of universal life Insurance and covers two people under a single policy and pays the benefit upon the death of the second person. Usually the two people are spouses. 

A Guaranteed Benefit

This form of coverage provides a guaranteed benefit, and the premiums are usually less than the premiums would be for the same total amount of coverage under two separate policies. 

Help with Leaving a Legacy 

Survivorship life insurance usually is used for estate planning purposes. It allows you and another person to leave a legacy for your loved ones or for an institution or charity that you support. It also can be easier to administer than other sorts of wealth-preservation and wealth-transfer vehicles. 

Survivorship Life Pros 

  • It can be less expensive than covering two people under two policies. 
  • It provides an easy way to pass wealth on to your children, grandchildren, or favorite charities. You can use it to alleviate issues with estate taxes.

Survivorship Life Cons

  • It pays nothing upon the death of the first person. As a result, it cannot be used to provide income protection for a surviving spouse, for example.

Survivorship Life Insurance Might Be Right for You If:

  • You and your spouse or another person want to leave a legacy gift. 
  • You want a relatively simple way to transfer wealth to your heirs, an institution, or charity. 
  • You are confident that the surviving person will not need the additional money from the death benefit.

We’re Ready to Help 

You can call (800) 826-1126 to set up an appointment with one of our licensed Insurance and Investment Consultants. GEBA Consultants understand your federal benefits and work with you to understand your needs and find the best life insurance solution for you. We shop the marketplace on your behalf to find the best plan. GEBA works only with highly-rated, reliable insurance companies, so you can be confident that your benefit will be there when your family needs it.

There are expenses associated with life insurance. Generally, life insurance policies have contract limitations, fees, and charges which can include mortality and expense charges, account fees, underlying investment management fees, administrative fees, and charges for option benefits. Most policies have surrender charges that are assessed during the early years of the contract if the contract owner surrenders the policy. 

Life insurance is not guaranteed by the FDIC. Any guarantees are contingent on the claims-paying ability of the issuing company. 

Withdrawals of earnings are taxed as ordinary income and may be subject to surrender charges plus a 10% federal income tax penalty if made prior to age 59½. Withdrawals reduce contract benefits and values.

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