A semiconductor module has a pair of semiconductor devices, a heat sink, a first electrode, an output electrode and a second electrode. The semiconductor devices are connected in series with each other and have first terminals that are electrically connected to a first power system and a second terminal that is electrically connected to a second power system. The first electrode is electrically connected both to one of the first terminal and to an electrode of one of the semiconductor devices. The output electrode is electrically connected both to the second terminal and to an electrode of the other of the semiconductor device. The second electrode is electrically connected to the other of the first terminals. The second electrode is connected to the heat sink via a first insulating member. The output electrode is connected to the second electrode via a second insulating member.