What is last survivor life insurance

Last-survivor or second-to-die life insurance covers two lives under one policy. The death benefit is paid after the second person covered under the policy dies. Generally, premiums continue to be paid after the first insured dies.

What is a last survivor annuity?

A joint life with last survivor annuity is an insurance product that provides an income for life to both partners in a marriage. It also can allow for payments to a designated third party or beneficiary even after the death of one of the spouses or partners.

What is a survivor life policy?

Survivorship life insurance is designed to cover two people on a single policy. These policies, also known as second-to-die joint life insurance, only pay out a death benefit once both policyholders have died. Survivorship life insurance is typically less expensive than two separate permanent policies.

What is joint life last survivor?

A life insurance policy that covers two people's lives and pays out on the death of the second person.

What happens to the death benefit of a life insurance policy?

A permanent or whole life policyholder may take out loans or withdrawals against the cash value of the policy while he or she is still alive⁴. After the insured passes away the whole life insurance death benefit is distributed to beneficiaries, but any excess cash value may be retained by the insurance company.