Readers Question: Jodi wanted to know “What is last survivor life insurance?”

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Jodi , I hope this answer will help you.

Last survivor life insurance, or survivor ship life insurance, is a type of joint whole life insurance designed mainly for married couples.

Federal estate taxes are not collected on property left to a spouse, but when the surviving spouse dies, estate taxes are due and can be very high. A last survivor policy pays a benefit only after both spouses have died, providing funds for estate taxes.

Here is a list of three advantages of last survivor life insurance over individual coverage:

1. Lower premiums ? more cost effective than two individual policies.
2. Medical underwriting standards may be eased with respect to one of the insured’s, due to second death payouts.
3. Lower “economic benefit” reportable for income taxes in Split Dollar Plans (often 10 times lower).