Protective Life is reintroducing their life insurance survivorship product “Protective Survivor UL” which will replace “Protective Centennial Survivor GUL”.
Survivorship, or second-to-die life insurance is for couples for estate planning purposes. It is much less expensive than taking out two policies, and can provide coverage even if one of the couple has health problems and is uninsurable. Guaranteed Universal Life is far less expensive than traditional whole life insurance.
Notable is the trend of certain carriers away from lifetime guarantees. Though lifetime is available, Protective Survivor UL is competitive to age 105 and lesser ages. Given the projected rise in the number of centenarians in the coming decades, selecting coverage to age 120 is advisable, since there are still multiple carriers like Prudential and American General that offer these lifetime guarantees at competitive rates.