For those couples involved in estate planning, there are survivorship life insurance policies, also called survivor or second-to-die policies. Nationwide has recently introduced “Nationwide YourLife No-Lapse Guarantee SUL II”, and ING has introduced “ING SUL-GDB”. These are universal life policies with lifetime no-lapse guaranteed coverage.
I ran a quote for $1 million, age 65 at preferred plus for both male and female, and ING had the best rate.
| Annual Premium |
Face Amount |
Product | Carrier | Features | |
| $12,153 | $1,000,000 | Guaranteed SUL | ING | Lifetime Protection Fixed Rate | |
Caution: Don’t count out Nationwide by just one quote. There are so many different combinations of age and health rates that it would take a long comparison analysis before one could judge one product is better priced than another. What you need is a true independent agent, like myself, to take your individual situation and run comparative quotes for all the major carriers, and to factor in possible favorable underwriting by specific carriers.
ING does have an uninsurable category and Nationwide does not. Yes, this is one instance where you can get life insurance although you have had major health problems.
Just to compare, let’s this same 65 year old couple obtained two separate $500k policies instead of a $1 million second-to-die policy. The combined cost would be $16,876.
| Annual Premium |
Face Amount |
Product | Top Carrier | Features | |
| $7,466 | $500,000 | Guaranteed UL | Lincoln National | Lifetime Protection Fixed Rate | |
| $9.410 | $500,000 | Guaranteed UL | Penn Mutual | Lifetime Protection Fixed Rate | |
(quotes revised 3/24/2011, rates subject to change)