In recent years term insurance has become quite popular among the people. Due to various reasons people are opting for term life insurance in the place of whole life insurance. Term life insurance has no doubt certain advantage over the universal and whole life insurance, but in many occasions people opt for one or other varieties of whole life insurance. Survivorship life
insurance is one of such whole life insurance, which people buy to meet a special requirement.

Survivorship life insurance is one variety of whole life insurance, but the purpose of buying such insurance policy
is quite different. Such survivorship life insurance policy is also known as joint and survivor insurance; it is also called second to die life insurance and best suited for husband and wife. However, after the death of one of the two beneficiaries, the benefit will not available to the other person. To benefit such life insurance is only available after the death of the second person. For your information it must be mentioned that such survivorship life insurance is available in the form of whole or universal life insurance. As we have mentioned earlier that the survivorship life insurance policies are bought for a special purpose. We know that the benefit of such type of policy generally is not available for the second survivor. When a person buys this survivorship policy, she has a special purpose in her mind. The policy buyer wants to pay or facilitates the paying of the estate duty after her death. According to the provision, the estate duty can be delayed to the death of both of the spouse. Such policies are bought by the wealthy persons and do it according to a plan. However, such policies cannot be bought on term basis.