Survivorship life insurance in North Carolina

What is survivorship life insurance in NC?

Survivorship life insurance (also called second-to-die life insurance) covers two insured people, typically spouses or business partners, and pays the death benefit only after both insureds have died. The premium is typically lower than two individual policies because the benefit is deferred until the second death.

What is survivorship life insurance used for in NC?

Primarily estate planning: funding an irrevocable life insurance trust (ILIT) to pay estate taxes, providing inheritance equalization among heirs, leaving a legacy gift to a charity, or providing a business buyout mechanism for partners. It is not typically used for income replacement since the surviving spouse receives no benefit at the first death.

Is survivorship life insurance less expensive than two individual policies in NC?

Generally yes. Because the benefit is deferred until the second death, insurers can offer lower premiums than two separate individual policies. The health of both insureds affects underwriting, but one insured in poor health can sometimes qualify because the other's good health lowers the overall risk.

Does IronHaven offer survivorship life insurance in NC?

Yes. IronHaven can discuss survivorship life insurance as part of estate planning and business succession conversations with NC clients who have a specific need for second-to-die coverage.