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.

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You should try and make sure that you get a good survivorship insurance so that you know things will be taken care of.

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The survivorship insurance was the best policy for the group of brothers and sisters who were carefully planning their finances.

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