Survivorship Variable Universal Life Insurance

Survivorship variable universal life insurance is a permanent life insurance option that delivers a death benefit after you and one other insured individual have both died. Although survivorship variable universal life insurance rates are cheaper on average and the policy is flexible, it may not be suitable for you if you or your partner are dependent on the other for financial support.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Sep 8, 2021

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The Rundown

  • Survivorship variable universal life insurance is generally a cheaper life insurance option than single life insurance policies because it covers two people
  • Unlike survivorship variable universal life insurance, variable universal life insurance is usually more expensive
  • Survivorship variable universal life insurance does not offer a death benefit until both people covered die

Survivorship variable universal life insurance is a type of permanent life insurance that offers coverage for two people during the length of the policy.

Is survivorship variable universal life insurance the right fit for me? Is variable universal life insurance worth it?

Keep reading to find out everything you should know about survivorship variable universal life insurance before you buy.

Searching for affordable survivorship variable universal life insurance? Enter your ZIP code to get free quotes from top companies in your area.

What is survivorship universal life insurance?

Survivorship universal life insurance is a type of while life insurance that is a more flexible version of a survivorship variable life insurance policy.

Survivorship universal life insurance is a policy that covers two people and only delivers a payout to the beneficiary after both people die.

In general, survivorship universal life insurance is a cheaper option compared to single-insured life insurance because your insurance company won’t have to pay benefits until after both you and the other insured die.

Survivorship universal life insurance is fairly easy to qualify for, has a cash value, and also offers more flexibility and customization options than regular survivorship variable life insurance policies.

With survivorship universal life insurance, you can easily make adjustments to the monthly rates as well as the death benefit.

Because of the nature of the policy, survivorship universal life insurance isn’t usually a good option for couples in situations where one spouse is dependent on the other for financial support since there is no death benefit until after both spouses die.

However, for people that are financially independent, survivorship universal life insurance can be a good option, and it usually delivers a large death benefit.

Survivorship universal life insurance may also be a good choice for couples that are struggling to find affordable coverage because one of the spouses is sick or has a disability.

With survivorship universal life insurance, both spouses can get coverage under one policy.

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Survivorship Universal Life Insurance Pros and Cons

Although survivorship universal life insurance is a relatively inexpensive policy that offers a decent amount of customization and flexibility, there are a lot of things to consider before you buy.

Let’s take a look at some pros and cons.

Survivorship Universal Life Insurance Pros and Cons
ProsCons
Easily customizableCash value grows slowly
Flexibility with monthly ratesCouples that get divorced still have to pay monthly rates
Offers lifetime coverageDoes not pay a death benefit until both people covered have died
Usually cheaper than buying two separate policiesNot ideal for situations where one spouse is financially dependent on the other

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While survivorship universal life insurance offers many benefits, it’s important to weigh the advantages and disadvantages before you commit to buying a policy.

Is variable universal life insurance worth it?

Unlike survivorship variable life insurance, which is relatively inexpensive to buy, variable universal life insurance is typically a more costly policy.

However, variable universal life insurance offers a wide variety of benefits, including an available cash value and many options for policy customization.

With variable universal life insurance, you have the option to stop paying monthly payments if the cash value of the policy is sufficient to replace the cost of these payments.

Variable universal life insurance may be a good option for individuals without a steady source of income because the rates are flexible, but the policy itself is more expensive on average to buy.

How much does it cost to buy survivorship variable universal life insurance?

Average life insurance rates are $26 a month.

However, survivorship variable universal life insurance can be cheaper because of the fact that the policy covers two people at once and the insurance company won’t have to pay a death benefit until after both people covered by the policy have died.

There are multiple factors that can affect your survivorship variable universal life insurance rates, such as your age and sex, but in general, the policy is considered a more affordable option.

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Survivorship Variable Universal Life Insurance: The Bottom Line

If you’re thinking of buying survivorship variable universal life insurance, you’ll need to make sure it’s the right fit for you and the other person you want covered.

Survivorship variable universal life insurance is generally well-suited for couples that are financially stable and want to leave a large death benefit behind to their beneficiary or help to build an estate.

Survivorship variable universal life insurance may also be worth considering if either you or your partner cannot find affordable coverage because of a medical condition.

Buying a survivorship variable universal life insurance policy may help you or your partner find affordable coverage.

However, survivorship variable universal life insurance may not be a good fit if your partner is dependent on you for financial support, or you are dependent on them.

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