Survivorship life insurance insures the lives of two people and pays the death benefit when the second person dies. It can be a valuable part of your financial strategy, particularly if you have a large estate you want to help protect. Since it pays after two people have passed on, it generally costs less than other policies.  

Key Features

  • Income tax-free death benefit1 paid to beneficiaries after second insured dies
  • Helps money inside your policy called cash value grow tax-deferred
  • Generally less expensive than buying two individual life policies with similar coverage
  • Death benefit proceeds can provide immediate cash to pay any estate taxes due
  • Policy loans2 available so you can borrow from your policy 

Products

Additional Resources

Variable universal life insurance policies are sold by prospectus only. Before investing, carefully consider your need for life insurance coverage and the charges and expenses of the variable universal life insurance policy. Also consider the investment objectives, risks, fees, and charges of each underlying variable investment option. This and other information is contained in the prospectuses for the variable universal life insurance policy and the underlying variable investment options. Obtain these prospectuses from your registered representative, by calling 877-253-5050, or from Voya.com and read them carefully before investing.

Survivorship universal life insurance is issued by Security Life of Denver Insurance Company (Denver, CO), and distributed by Voya America Equities, Inc.. Both are members of the Voya™ family of companies.

Variable insurance products are subject to investment risk, are not guaranteed and will fluctuate in value. In addition, there is no guarantee that any variable investment option will meet its stated objective.

All guarantees are based on the financial strength and claims paying ability of Security Life of Denver Insurance Company who is solely responsible for the obligations under its own policies. 

1Proceeds from an insurance policy are generally income tax free and if properly structured, may also be free from estate tax.

2Policy loans and partial withdrawals may vary by state, may generate an income tax liability, reduce available surrender value and reduce the death benefit, or cause the policy to lapse.

Income tax free distributions are usually achieved by withdrawing to the cost basis (usually premiums paid), then using policy loans. This assumes the policy qualifies as life insurance, is not a modified endowment contract, is not lapsed or surrendered with an outstanding loan. Individual tax results may vary. You should consult your attorney or other tax advisor.