Called Survivor, Survivorship Life Insurance or Second-To-Die Life Insurance
- Cover estate settlement costs that are typically the highest, after the second death
- Safeguard assets for the surviving heirs by allowing the estate plan to operate as it was intended
- Provide special needs dependents with financial resources to assist with their care after both parents pass away
- Provide for business needs after the death of the second owner or key employee
- Preserve charitable gifts efficiently and economically without impacting the estate plan
- Equalize inheritances, as for a family business or for children from several marriages
Product Features to look for:
Lifetime guarantee
Lifetime No-Lapse Guarantee (NLG) Universal Life, to age 120, 121 or to maturity. Also designated as Universal Life with a Secondary Guarantee (ULSG) or Guaranteed Universal Life (GUL). A no-lapse guaranteed policy is guaranteed to remain in force if timely premium payments are made. Guarantees are based upon the claim-paying ability of the issuer
Be careful to review product illustration for age of the no-lapse guarantee, since some carriers have guarantees that terminate after a period of time, 20 or 30 years, or in one’s 80’s or 90’s, at age 100 or age 110, and not a true lifetime no-lapse guarantee, which is age 120 or over.
Cash Value Accumulation: Indexed Universal Life
- premium flexibility
- minimizing premium
Long Term Care Rider
Nationwide “Nationwide Survivorship Indexed Universal Life”
Chronic Illness Accelerated Benefit
Penn Mutual
If the last insured becomes chronically ill; may be elected as a lump sum; lesser of $240,000 maximum or IRS per diem limit $410 per day in 2024; certification licensed health care practitioner within last 12 months; expected to be required for the remainder of insured’s life.
Lifetime Guarantee UL: (age 120+ no-lapse guarantee)
Lincoln “LifeGuarantee® SUL”
MassMutual: “SUL Guard”
Prudential “PruLife® SUL Protector” recommend (available in NY)
Prudential “PruLife® Survivorship Index UL”
One Applicant as Uninsurable: will accept one “uninsurable”, partial list:
MassMutual “SUL Guard”
Prudential “PruLife SUL Protector”
Lowest Minimum Face Amount:
$100,000 Lincoln “LifeGuarantee SUL”
$100,000 MassMutual “SUL Guard” (available in NY)
Indexed Universal (notable, not a complete list)
John Hancock “Protection Survivorship Indexed Universal Life” very competitive premiums
Prudential “PruLife® Survivorship Index UL” age 120 no-lapse guarantee option
Securian “Eclipse Survivor II Indexed Universal Life” age 120 no-lapse guarantee option
Whole Life
MassMutual “Survivor WL 100” (available in NY)
MassMutual “Survivor WL 12” 12 pay (available in NY)
Penn Mutual “Survivorship Whole Life”
The most competitive premiums are subject to age, face amount and health status. When shopping for life insurance for estate planning a thorough search is advisable to verify which are the most competitive. However certain carriers will tend time and again to have lowest premiums, often by rate classification.
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.
Case note 3/2023: Prudential competitive in New York, couple in late 50’s, for maximum leverage a 20 year certain Single Premium Immediate Annuity (SPIA) fund a 20 pay Prudential age 120 Survivorship Guaranteed UL (SGUL); 12 pay Whole Life MassMutual “Survivor WL 12” competitive solve for cash value accumulation
Case note 6/2022: Prudential competitive age 78 and age 72
Case note 2022: Securian and Prudential competitive at standard and low table rating
Case note 2021: Prudential and John Hancock were very competitive
Please contact me for a free confidential quote. Many more options available.
Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
last partial revision: 4/11/2024 – products and features subject to change
Penn Mutual: checked 4/2024
Prudential: checked 3/2023
MassMutual: checked 3/2023