Survivorship Universal Life Insurancefootnote covers two people, and pays a benefit only after both have passed away. Since it costs less than two individual permanent policies, it's an affordable option to leave a larger nest egg for your heirs or favorite cause.
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The Survivorship Universal Life policy can assist in planning for the following needs:
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You may be able to add even more value to your policy by buying one or more of these optional riders:footnote
Provides for additional death benefit during the first four years of the policy to assist with specific tax planning situations.
Provides additional coverage on either insured until age 95. This coverage must be applied for and purchased by each respective insured. This rider is convertible until age 75 to any Whole Life plan that is available when conversion occurs.
Helps preserve your policy at a time when income may be limited due to a death or disability. This benefit will be on one of the two insureds specified on the application. When the specified insured becomes totally disabled for 6 continuous months as defined in the policy, prior to age 60, this coverage will waive all future monthly deductions as long as the insured continues to be disabled. If the specified insured becomes disabled between ages 60 up to age 65, this coverage will waive monthly deductions to the later of the third policy anniversary after total disability or the anniversary when Insured 1 is age 65. If the specified insured dies prior to age 65, or while monthly deductions are being waived for disability, all future monthly deductions will be waived.
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This is a general description of coverage. A complete statement of coverage is found only in the policy. For more details on coverage, costs, restrictions; or to apply for coverage, contact a local State Farm agent.
There are limitations and conditions regarding payment of benefits due to misrepresentations on the application or when death is the result of suicide in the first two policy years.
With Survivor Universal Life it is possible that coverage will expire when either no premiums are paid following the initial premium or subsequent premiums are insufficient to continue coverage.
Policy Series Info
Not FDIC Insured
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Each insurer is financially responsible for its own products.