The only thing that separates this from other policies is the word survivorship. What this means is that the policy covers at least 2 individuals and it only pays a benefit with the last one dies. Survivorship policies are usually smaller face amount policies taken out by couples with larger estates. The reason they do this is to use the death benefit to cover or offset estate taxes for their heirs.
I have personally not seen one done with a universal life policy. Reason being is the cost. In a majority of cases, it would probably be more cost-effective to use a traditional whole life policy for this purpose.
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I have personally not seen one done with a universal life policy. Reason being is the cost. In a majority of cases, it would probably be more cost-effective to use a traditional whole life policy for this purpose.