google bot detected Survivor Purchase Option | Insurance Glossary |

Survivor Purchase Option

Definition of "Survivor purchase option"

  Berkshire Hathaway HomeServices Georgia Properties

Provision applied as a rider attached to an ordinary life insurance policy for the purpose of meeting estate planning requirements. When the insured dies, the beneficiary is entitled to receive the death benefit in cash or to use the death benefit to purchase a new ordinary life insurance policy. This new policy is not subject to additional underwriting requirements and has, as the date of issue, the same time as the original policy. The initial premium due is automatically subtracted from the original policy's death benefit.

Related Real Estate Glossary terms

Related Real Estate FAQ