Compare Life Insurance CompaniesCompare Policies With 8 Leading InsurersGet A QuoteThe goal of life insurance is to protect those who will need financial support after you pass away. Survivorship life insurance, also called joint life insurance or second-to-die life insurance, covers two people under one policy. “However, it could be a useful strategy for many different types of families, not just the wealthy.”Since a survivorship life insurance policy combines two individuals on one life policy, you can typically get a much more significant death benefit at a lower cost than by buying two individual life insurance policies, he says. Survivorship life insurance policies can provide cost-savings over buying two separate policies because the risk for the insurer is lower. “Statistically, it is possible that an uninsurable person may enjoy a lengthy life and this is priced into a second-to-die policy.”If you’re considering a survivorship life insurance policy, make sure you’re working with a financial advisor who can help you fit the right life insurance into your overall financial plan.

Source: Forbes September 16, 2020 10:52 UTC