Can two single life policies be exchanged for one survivor life policy?
No. The exchange of two single life policies for one survivor life policy does not conform to the same insured requirements of Section 1035.6 Again, the resulting survivor life policy has a different insured than either of the exchanged policies. Further, instead of paying off at the first and second deaths under the single life policies, the policy would pay off only at the last death, delaying the receipt of benefits.
