- small company owners or business partnerships who need succession after the death of an owner;
- blended families where the needs of both spouses, former spouses and children come into play, and;
- people who are looking for versatile insurance products in light of the uncertainty around current estate tax law.
An innovative new indexed life insurance product offers financial protection for small businesses, blended families and people whose estate tax planning needs may change. Aviva USA’s Survivorship Builder combines protection for more than one person on a single policy. “It’s the survivor life insurance equivalent of the multifunctional Swiss Army knife – it has many tools and options for consumers in various life situations,” said Chuck Van Devander, Aviva USA’s senior vice president of distribution services. “Life insurance for two persons in one policy – with the availability of a death benefit paid out at both the first and second death – is what sets Survivorship Builder apart.” Van Devander said Survivorship Builder is another example of how Aviva is fulfilling its brand promise of putting people before policies and building insurance around the needs of consumers. Survivorship insurance traditionally has been used for estate planning purposes, and the death benefit is paid upon the death of the last surviving insured. However, Aviva’s new Survivorship Builder includes an optional first-to-die rider that pays a portion of the death benefit to the surviving insured after the first insured passes away. This is critical for both individuals and businesses, because survivors often need help at this time to pay off debts and cope with the complexities of transferring the assets of the deceased. The company anticipates the product and first-to-die rider will be popular with many consumers, including: