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Also called survivor life insurance, this type of insurance helps cover two people and is often used to support long-term estate planning needs.
Survivorship life insurance policies from Protective cover two partners under one policy and are typically used when the death benefit isn’t needed until the second insured person passes. At that time, the full benefit pays out to help cover estate taxes and other expenses.
Sometimes called second-to-die insurance, survivorship life is often purchased by married couples or other pairs of people with insurable interest in each other, and it’s generally more affordable than two separate policies.
Survivorship life insurance, such as the Protective Survivor UL, is a policy tailored to help meet estate planning needs.
Survivorship life insurance is most commonly used to ensure that when the second individual dies, the beneficiaries have money to cover estate taxes or other costs.
Survivorship life insurance can be more affordable than two individual policies because rates are calculated based on the joint life expectancy of the insured individuals.
In some cases, people who wouldn’t qualify for individual life policies are able to obtain joint coverage because survivorship life insurance pays out only when the second individual dies.
Depending on your financial situation, the Protective Survivor UL policy, can offer a number of features to help you and your heirs. Similar to other universal life insurance policies, such as indexed UL and variable UL, the Protective Survivor UL policy features a cash value account.
A portion of every premium paid goes into the policy’s cash value account that can grow tax-deferred. This cash value account provides an additional layer of financial flexibility by allowing you to borrow against that cash value.*
*Withdrawals and loans will reduce the cash value and death benefit of the policy.
Consider survivor universal life insurance if you’re married or have common ‘insurable interests,” and have needs such as:
The Protective Survivor UL is typically less expensive than purchasing two separate life insurance policies, and may help a spouse, who might have difficulty obtaining insurance otherwise, get affordable coverage. Find out if it’s right for you.
What is Survivorship Life Insurance?
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Protective Life offers survivorship universal life to help meet your needs. Call today and ask about Protective Survivor UL. We can help you determine if it’s right for you.
Protective Survivor UL, policy form UL-19 1-12, is a flexible premium second-to-die universal life insurance policy issued by Protective Life Insurance Company, Birmingham, AL. Policy form number, product features and availability may vary by state. Consult policy for benefits, riders, limitations, and exclusions. Subject to underwriting. Subject to up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply. All payments and all guarantees are subject to the claims-paying ability of Protective Life Insurance Company.
The tax treatment of life insurance is subject to change. Neither Protective Life nor its representatives offer legal or tax advice.
Please consult with your legal or tax advisor regarding your individual situation before making any tax-related decisions.