When to Consider Survivorship Insurance
- You cannot afford individual term policies.
- Your spouse has been previously denied a life insurance policy due to poor health.
- Your family wants a cash-value life insurance policy.
While survivorship plans do not provide compensation to surviving spouses, they provide other distinct advantages.
The Advantages of Survivorship Insurance
- Cost. Survivorship plans usually cost significantly less than single-insured life insurance policies.
- Approvability. Insurance companies typically offer better, more flexible rates for survivorship plans, especially if one spouse is in reasonably good health.
- Estate preservation. A survivorship policy could bolster couples’ estate planning aspirations since a policy should provide near-guaranteed compensation for their named beneficiaries.
