Survivorship Universal Life Insurance (SUL)
SUL is considered to be one of the best products on the market for individuals who want to leave a legacy behind for their next generation. Life insurance is taken on the name of both husband and wife, and the death benefit will be paid to the beneficiary after the death of the second spouse. You as a policy owner can decide on how many years you would like to make the premium payment for. SUL is one of the two products in the market where the policy can be fully paid off with only one premium.
An ideal candidate for SUL:
- If you want to leave a legacy behind for the next generation such as your kids and grandkids or charities
- You have a special needs child, and you want sufficient funds that you want to leave behind or the child
- You are worth over the federal and estate tax limits, and your beneficiaries will need liquidity to pay estate taxes.