CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
March/April 2025
Survivorship Policies: Filling a Need
A survivorship policy—also called a second-to-die policy—can be a valuable estate-planning tool.* It insures two lives, typically a married couple (or business partners), with the death benefit paid out after the second person's death.
The Strategy
The unlimited marital deduction allows one spouse to leave an unlimited amount of assets to the surviving spouse without owing estate or gift taxes. The assets become part of the survivor's estate at the first spouse's death. When the second spouse dies, proceeds from the life insurance policy are available to pay expenses.Cost Advantages
Because the premium on a survivorship policy is based on the joint life expectancy of the insured, the cost may be significantly less than the cost of buying two single-life policies. Qualifying for a joint policy may also be easier since the survivor will continue to pay the premiums, and the death benefit isn't paid until the second spouse dies.Multiple Uses
A survivorship policy is often purchased by couples who want to preserve more of their wealth for heirs. Additionally, survivorship policies can be used to:- Provide support for a special needs child after both parents have died.
- Leave a legacy to support a charitable organization.
- Provide the funds needed to pass on a family business while providing cash value for heirs that aren't involved. The policy also can help fund a buy-sell agreement upon the death of a business owner.
Survivorship policies are often used in conjunction with a trust. Talk to your financial and legal professionals for more information.
*Applications for life insurance are subject to underwriting. Insurance coverage exists only if the premium is paid to put the policy in force. Accessing cash values may result in surrender fees and charges and may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. Guarantees are based on the issuer's ability to pay claims.
661563
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
The sender and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.