Aviva’s new two-person life policy pays after each death
March 10, 2012 by David Elbert
West Des Moines-based Aviva USA has created a new two-person, indexed life insurance product that pays benefits separately after the deaths of both individuals.
The policy is designed to appeal to small businesses, blended families and people with estate planning needs. It is called the Survivorship Builder policy and is different from anything currently on the market today, said Chuck Van Devander, who oversees Aviva’s distribution services.
“Traditionally, two individuals needed to buy two products for this degree of coverage,” he said. “This is one product with a unique first-to-die rider offering life insurance protection for both persons.
Insuring two lives on one policy is often more affordable than purchasing two individual policies, Van Devander said. Plus, he said, the policy is indexed to a major stock index, such as the S&P 500, which provides a cash accumulation feature.