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Variable Survivorship Life Insurance

What is 'Variable Survivorship Life Insurance'

A type of variable life insurance policy that covers two individuals and pays a death benefit to a beneficiary, only after both people have died. Variable Survivorship Life Insurance does not pay any benefit when the first policyholder dies.


Variable survivorship life insurance is also called "survivorship variable life insurance" or "last survivor life insurance."

Explaining 'Variable Survivorship Life Insurance'

Like any variable life policy, variable survivorship life insurance has a cash value component in which a portion of each premium payment is set aside to be invested by the policyholder, who bears all investment risk. The insurer selects several dozen investment options from which the policyholder may choose. The other portion of the premium goes toward administrative expenses and the policy's death benefit (also called face value). This type of policy is legally considered a security, because of its investment component, and is subject to regulation by the Securities and Exchange Commission.


A more flexible version of variable survivorship life insurance called "variable universal survivorship life insurance" allows the policyholder to adjust the policy's premiums and death benefit during the policy's life.


Further Reading


Economic survivorship stress is associated with poor health‐related quality of life among distressed survivors of hematopoietic stem cell transplantation
onlinelibrary.wiley.com [PDF]
… crisis, we included significant covariates and other significant types of economic survivorship stress in … These analyses used mean‐centered continuous variables to reduce multicollinearity 40 … Ethnicitya Because of variable frequencies, for analyses, ethnicity was recoded as 0 …

The mismatch between life insurance holdings and financial vulnerabilities: evidence from the Health and Retirement StudyThe mismatch between life insurance holdings and financial vulnerabilities: evidence from the Health and Retirement Study
pubs.aeaweb.org [PDF]
… crisis, we included significant covariates and other significant types of economic survivorship stress in … These analyses used mean‐centered continuous variables to reduce multicollinearity 40 … Ethnicitya Because of variable frequencies, for analyses, ethnicity was recoded as 0 …

Managerial discretion and voluntary disclosure: empirical evidence from the New Zealand life insurance industryManagerial discretion and voluntary disclosure: empirical evidence from the New Zealand life insurance industry
www.sciencedirect.com [PDF]
… crisis, we included significant covariates and other significant types of economic survivorship stress in … These analyses used mean‐centered continuous variables to reduce multicollinearity 40 … Ethnicitya Because of variable frequencies, for analyses, ethnicity was recoded as 0 …

The effects of social security on life insurance demand by married couplesThe effects of social security on life insurance demand by married couples
www.jstor.org [PDF]
… crisis, we included significant covariates and other significant types of economic survivorship stress in … These analyses used mean‐centered continuous variables to reduce multicollinearity 40 … Ethnicitya Because of variable frequencies, for analyses, ethnicity was recoded as 0 …

An examination of the demand for life insuranceAn examination of the demand for life insurance
onlinelibrary.wiley.com [PDF]
… crisis, we included significant covariates and other significant types of economic survivorship stress in … These analyses used mean‐centered continuous variables to reduce multicollinearity 40 … Ethnicitya Because of variable frequencies, for analyses, ethnicity was recoded as 0 …

Classifying financial distress in the life insurance industryClassifying financial distress in the life insurance industry
www.jstor.org [PDF]
… crisis, we included significant covariates and other significant types of economic survivorship stress in … These analyses used mean‐centered continuous variables to reduce multicollinearity 40 … Ethnicitya Because of variable frequencies, for analyses, ethnicity was recoded as 0 …

An international analysis of life insurance demandAn international analysis of life insurance demand
www.jstor.org [PDF]
… crisis, we included significant covariates and other significant types of economic survivorship stress in … These analyses used mean‐centered continuous variables to reduce multicollinearity 40 … Ethnicitya Because of variable frequencies, for analyses, ethnicity was recoded as 0 …

On systematic mortality risk and risk-minimization with survivor swapsOn systematic mortality risk and risk-minimization with survivor swaps
www.tandfonline.com [PDF]
… crisis, we included significant covariates and other significant types of economic survivorship stress in … These analyses used mean‐centered continuous variables to reduce multicollinearity 40 … Ethnicitya Because of variable frequencies, for analyses, ethnicity was recoded as 0 …



Q&A About Variable Survivorship Life Insurance


How do you adjust the premiums and death benefits in this type of policy?

You can adjust the premiums and death benefits during the term.

What are some common exclusions in a policy?

Some common exclusions include suicide, fraud, war, riot, civil commotion.

How does variable survivorship life insurance differ from other types of policies?

Unlike other types of policies, it does not pay any benefit when the first policyholder dies.

What is Variable Survivorship Life Insurance?

Variable Survivorship Life Insurance is a type of life insurance that allows the insured to choose beneficiaries.

How does Variable Survivorship Life Insurance differ from other types of life insurance?

Other types of life insurance do not allow the insured to choose beneficiaries.

How does Variable Survivorship Life Insurance work?

The insured chooses beneficiaries and pays premiums, and upon death, the insurer will pay out money to those beneficiaries.

What are some other names for this type of policy?

The name "variable survivorship" or "last survivor" can be used interchangeably with this type of policy.

What is variable survivorship life insurance?

Variable survivorship life insurance is a type of variable life insurance policy that covers two individuals and pays a death benefit to a beneficiary, only after both people have died.