Survivorship Universal Life Insurance

Survivorship universal life insurance (SUL) is a type of permanent life insurance policy that insures the lives of two or more people.

How does Survivorship Universal Life Insurance Work?

A survivorship universal life insurance policy is permanent life insurance that provides the highest level of flexibility, allowing you to customize your coverage. You can increase, decrease or stop your premium at any time. There are no medical questions to answer if you elect to apply for this type of insurance. This means coverage may begin immediately after your application is approved, and you are able to select the length of time you wish to pay premiums.

Usually, an SUL policy provides lifetime coverage for your beneficiaries, provided there is a premium paid at least once every 12 months. If premiums are not paid, the accumulated funds will be used to reduce the death benefit of the policy or to repay any outstanding loan balance. The amount of benefits provided depends on the current cash value of the policy. The death benefit may also be reduced to zero if no premium is paid within a certain period of time.

Survivorship universal life insurance can be an excellent way for you to leave accumulated benefits to your progeny. For more information on what kinds of options are available, click the button below for a free consultation.