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What Is Second to Die Life Insurance?

Second to Die Life Insurance

Second to Die Life Insurance is pretty similar to Joint Life Insurance – with one subtle difference (well, actually, it’s not subtle at all). Whereas a joint life insurance policy will pay out when the first half of the insured couple dies, leaving the other partner uninsured, a second to die life insurance policy won’t pay out until both parties are dead. Although this may, on first glance, seem to be rather odd and a waste of time, there are some situations where second to die life insurance is a smart option.

Second to Die Life Insurance – Advantages

  • This might be a good option if one partner has health issues which makes it impossible for them to qualify for an individual life insurance policy
  • It can also be beneficial to the heirs to cover estate taxes, which can be extremely high. A second to die life insurance policy which covers the estate taxes ensures that the full value of the estate is available for any survivors. This is great for couples who can expect to leave a large estate
  • It may be possible for a couple to defer the payment of estate taxes until both parties have passed away, reducing the burden on the surviving spouse after only one partner has died

Second to die life insurance policies are certainly not suitable for everyone, after all, in many cases the surviving partner will need the security of an insurance pay-out to be able to survive financially, but for those who have a large estate it can make a really big difference.

Second To Die Life Insurance

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Second To Die Life Insurance

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