- A tax-efficient form of life insurance used exclusively for estate planning where death benefits are only paid out to beneficiaries when both spouses have passed away. Also known as "variable survivorship life insurance", "survivorship variable life insurance", "dual-life insurance", "last survivor life insurance" and "survivorship insurance."
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Related Terms and Acronyms
- Annuity — Definition,
- A regular periodic payment made by an insurance company to a policyholder for a specified period of time.
- A financial instrument that disperses a number of payments over a set period of time.
- Death Benefit (DB) — Acronym, Very Important,
➥ An amount paid to a beneficiary in a life linsurance policy.
- A payment or series of payments made to the beneficiaries of a life insurance policy.
- Estate Planning — Definition,
- The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Joint and Survivor Annuity — Definition,
- An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.
- Life Insurance — Definition, Very Important,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Life Insurance Trust (LIT) — Acronym,
- A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
- Survivorship — Definition,
- The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
- Variable Death Benefit — Definition,
- A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.
- Variable Life Insurance (VLI) — Acronym,
- Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.