Definition - What does Survivorship Benefit mean?
A survivorship benefit refers to monetary benefits a survivor of an insured policyholder may receive.
Insuranceopedia explains Survivorship Benefit
For instance, a long-term care policy with a survivorship benefit rider allows the surviving insured partner to enjoy their policy without making further premium payments. Upon the death of one of the insured, the insurance company forgives premiums going forward. For retirement benefits, life insurance, and annuity products, a survivorship benefit provides a monthly income to the surviving partner based on the particulars of the policy.