With Republicans now in control of the government, many people anticipate that it is only a matter of time until the estate tax is repealed. This new political reality has led many to consider dropping their expensive survivorship insurance policies.
After all, there is no guarantee that any repeal of the estate tax will be permanent. Political winds can shift quickly and, if the Democrats retake control of the federal government in a few years, the estate tax could come back.
People who cancel their survivorship policies now, will likely find that premiums have gone up significantly later, if they need the insurance again.
It might be wise to check with an estate planning attorney, before cancelling any survivorship insurance.
