What's the difference between joint life vs. survivorship?

Survivorship insurance is a type of joint life insurance policy. In addition to survivorship, another joint life insurance option is "first-to-die" insurance. This type of policy covers both spouses and pays out a life insurance benefit when the first one dies. Joint life policies can be more cost-effective and convenient than two individual policies, but it's important to talk to a life insurance agent to make sure your policy covers all your current and future financial needs.

What are some alternatives to survivorship life insurance?

If you depend on your spouse's income, a "first-to-die" joint life policy can help you replace their earnings, manage any debts, and cover everyday expenses. This type of policy also covers both spouses, but pays a death benefit when the first spouse dies. At that point, the policy will end, so you'll need to buy your own life insurance policy if you still need coverage. For some couples, buying individual life insurance policies may be a better fit than buying a joint life policy together. Individual life insurance can help replace a spouse's income, no matter who dies first, and keeps the surviving spouse covered with their own plan. Options for individuals include term life insurance, which covers you for a set period of time. Some couples also choose permanent life insurance, such as whole life or universal life, which provides lifelong protection. Talk to an agent about the best option for you.

Who is a survivorship life insurance policy best for?

A survivorship life insurance policy is best for couples that want to leave behind a legacy for the next generation. Survivorship life insurance is a flexible tool that can help heirs offset the tax burden of inheriting a large estate or provide assistance for a special needs child who requires ongoing financial support.

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 insurance is a type of joint life insurance policy. In addition to survivorship, another joint life insurance option is “first-to-die” insurance. This type of policy covers both spouses and pays out a life insurance benefit when the first one dies. Joint life policies can be more cost-effective and convenient than two individual policies, but it’s important to talk to a life insurance agent to make sure your policy covers all your current and future financial needs.
If you depend on your spouse’s income, a “first-to-die” joint life policy can help you replace their earnings, manage any debts, and cover everyday expenses. This type of policy also covers both spouses, but pays a death benefit when the first spouse dies. At that point, the policy will end, so you’ll need to buy your own life insurance policy if you still need coverage.

For some couples, buying individual life insurance policies may be a better fit than buying a joint life policy together. Individual life insurance can help replace a spouse’s income, no matter who dies first, and keeps the surviving spouse covered with their own plan. Options for individuals include term life insurance, which covers you for a set period of time. Some couples also choose permanent life insurance, such as whole life or universal life, which provides lifelong protection. Talk to an agent about the best option for you.