Explore survivorship life
If you’re married, your family’s assets will pass to one spouse following the death of the other—without triggering any estate tax consequences. But on the death of the second spouse, your family could be facing a sizable estate tax burden that is typically due within nine months of the second spouse’s death.
One effective way to ensure more money stays in the family—and less is paid out in taxes— is to buy a survivorship life insurance policy to cover this estate estate tax burden.
What is survivorship universal life insurance?
Survivorship UL insurance is a special type of UL insurance that covers two lives within a single policy and pays the insurance benefit at the death of the second spouse.
Like other types of UL, survivorship UL also allows you to build a cash value. While a portion of your premium goes to paying for the life insurance protection, the balance goes to the policy cash value where it earns interest set by the insurance company. UL insurance is also very flexible. Over time, you can vary the amount and/or timing of your payments as well as adjust the death benefit amount within certain limits.
How can it help me address my needs?
After the death of the second insured, survivorship UL is specifically designed to:
- provide access to cash to fund estate taxes and other settlement costs so your beneficiaries aren’t forced to
- liquidate assets or take out a loan to meet these expenses
- build your wealth as well as protect it through the interest credited to your account value
What distinguishes Sun Life’s VUL options?
The Sun Survivorship UL policy includes some innovative features that can help you enhance your family’s estate protection as well as even increase your charitable gifts.
Of course, given that you’re protecting your family’s wealth over generations, you want to make sure you’re choosing an insurance company with a long history of financial strength. Check out our Sun Life’s 140-year tradition of strength.
Universal life insurance is issued by Sun Life Assurance Company of Canada (Wellesley Hills, MA) and in New York, by Sun Life Insurance and Annuity Company of New York, (New York, NY). Both are members of the Sun Life Financial group of companies. All guarantees are based on the claims-paying ability of the issuing company.
NOT FDIC/NCUA INSURED. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY.
SLPC 21087 (10/09)(Exp. 04/11)
