survivorship insurance
Definition
A form of insurance which pays a death benefit only upon the death of the last surviving insured person. Often used by a married couple in estate planning. also called dual life insurance or second-to-die insurance.
Use this term in a sentence
“ I did not want to think any further on our survivorship insurance because I knew that it was something bad. ”
“ You should try and make sure that you get a good survivorship insurance so that you know things will be taken care of. ”
“ The survivorship insurance was the best policy for the group of brothers and sisters who were carefully planning their finances. ”
