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SURVIVORSHIP INDEXED UNIVERSAL LIFE QUOTE

Two Lives, One Legacy

Get flexible coverage and a joint death benefit that supports your legacy.

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What Is a Survivorship Indexed Universal Life Policy?

Survivorship indexed universal life (SIUL) is a permanent life insurance policy that covers two people under one contract and pays the death benefit after both have passed away. Designed to provide a tax-free death benefit, SIUL is especially valuable for couples or business partners seeking to preserve an estate or leave a financial legacy. Key benefits include:

Joint Protection

Permanent coverage for two lives, with the death benefit paid after both insureds pass away

Estate Planning

Can provide a tax-efficient way to transfer wealth, often used to help cover estate taxes or leave a legacy

Growth Potential

Opportunity for cash value growth linked to stock market index performance

Flexible Premiums

Ability to adjust premiums, often structured to maximize the death benefit left to heirs

Access To Cash

Option for policy loans or withdrawals from cash value (these should only be taken in emergency situations if needed)1

Tax Advantages

Cash value may grow tax-deferred; withdrawals are generally tax-free

Optional Riders

Add features like chronic illness benefits or policy flexibility options

Financial Strategies

Commonly used in estate planning, charitable giving, or business succession to preserve family wealth

Downside Protection

A “floor” can help protect your cash value from market losses
Retired couple enjoying financial security with SIUL

How a SIUL Policy Works

A survivorship indexed universal life (SIUL) policy combines lifelong insurance protection for two people with a cash value feature tied to a stock market index. The death benefit is paid only after both insureds pass away.

  1. Apply Together: Both insureds apply at the same time, complete medical underwriting, and choose the coverage amount.
  2. Pay Premiums: Based on your coverage, money goes toward insurance costs and cash value. Premiums are flexible but often structured to maximize the death benefit for heirs.
  3. Costs Are Covered: Insurer deducts the cost of insurance for two insureds, plus any applicable fees or additional charges.
  4. Index Allocation: Remaining premium goes into your cash value account, which earns interest using a linked stock market index.
  5. Cash Value Grows: Your cash value grows tax deferred. Growth is limited by a cap rate, but protected from losses by a floor, often 0%.
  6. Survivorship Benefit: Unlike single-life IULs, the death benefit is paid only after both insureds have passed away.

Want a deeper dive? Read our full guide:  What Is Survivorship Life Insurance?

Why Choose Western & Southern?

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Financial Strength

High ratings reflect stability you can count on
established 1888

Trusted for Over 135 Years

Helping families protect their future since 1888

Serving Millions Nationwide

Trusted by families across the 50 states

Is SIUL Right for You?

Survivorship indexed universal life (SIUL) can be well-suited for couples or partners who want to leave a legacy, reduce estate taxes, and transfer wealth efficiently.
Couple volunteering together

Philanthropic Couples

Create a tax-efficient way to fund charitable gifts and extend your impact beyond your lifetime.
Business owners discussing IUL options

Business Owners & Partners

Provide liquidity to help cover estate taxes, equalize inheritances, or support a smooth business transition.
Grandmother protecting her grandchild with IUL

Legacy Builders

Pass on wealth efficiently to your loved ones while helping cover estate costs.
Parents reviewing insurance policy with daughter

Parents & Caregivers

Ensure long-term security for a dependent with lifelong needs by providing funds after both parents are gone.
Couple reviewing budget and insurance needs

Couples Seeking Joint Coverage

Get permanent protection for two lives in one policy, often at a lower cost than two individual policies.
Not sure if SIUL is right for you? Explore all types of Universal Life Insurance.

Frequently Asked Questions About Survivorship IUL

How can I get a quote for SIUL insurance, and what information will it provide?
An SIUL insurance quote gives you a tailored estimate of premiums based on both insureds’ ages, health, coverage amount, and riders. It also shows how flexible funding can impact future cash value and death benefits. 

What influences the cost of a Survivorship IUL policy?
The cost of a survivorship indexed universal life policy depends on age, health classifications, the size of the death benefit, and any selected riders. Policy charges and index performance assumptions also affect premiums. 

Can I purchase SIUL insurance if one of us has health issues?
Yes. Because SIUL covers two people, you may still qualify even if one applicant has health concerns. Underwriting evaluates both insureds together, and an advisor can help structure the policy to ensure meaningful estate protection. 

Is SIUL useful for estate tax planning?
Yes. Many families use survivorship indexed universal life insurance to provide liquidity for potential estate taxes. This can help preserve assets for heirs or charitable purposes. A tax advisor can help determine how SIUL fits into your estate plan. 

Can SIUL premiums and benefits change over time?
Yes. SIUL is designed for flexibility. You can adjust premiums and death benefits within policy limits, which makes it useful for changing financial circumstances. Annual statements and reviews help ensure your policy stays on track. 

How does cash value accumulate in an SIUL policy?
Your cash value earns interest linked to a market index. Growth is capped in strong years but protected from market losses by a floor (often 0%). This offers growth potential with downside protection. 

What happens to the death benefit in a SIUL policy?
The death benefit is paid after both insureds pass away. Proceeds are generally income tax-free, giving beneficiaries the funds they need for estate settlement, wealth transfer, or other financial goals.
IMPORTANT DISCLOSURES

1 Withdrawing or taking a loan from your policy may reduce its cash value, death benefit, and have tax implications.

These policies and benefits may not be available in all states, and benefits may vary by state.

Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

Life insurance policies contain certain exclusions, limitations, reductions of benefits and terms for keeping them in force. Please contact a financial representative for complete details.

Life insurance products are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity, have no bank guarantee, and may lose value.