The policy is designed to pay a death benefit only on the second death. This is especially useful when used as part of a professionally designed estate plan. The cost of a survivor life policy is often significantly less than the cost of two identical individual permanent policies. Usually the provision is effective for the first two years after the policy effective date. Specific provisions may vary, check the language in the policy.
Term is only a death benefit plan and offers no cash values.
For consumers needing life insurance for a limited period of time, term insurance offers the lowest premium. The process in which the insurance company evaluates an applicant to determine if they will offer insurance and if so, at what rate class. This is a Verisign secured site. Inc. All prices subject to change, prices are valid one week from date quoted . Glossary of life insurance company terms including term life insurance, universal life insurance, permanent life insurance, whole life and second to die life insurance.