A type of Life insurance on two people (usually married) that provides benefits to the heir only after the last surviving spouse dies. This differs from regular life insurance since the surviving partner doesn’t receive any benefits when their spouse dies. Thus, second to die insurance is ideally used for estate planning and supporting any surviving children.

Second to Die policy is also known as dual life insurance or Survivorship life insurance. It is mostly designed for married couples. The policy’s death benefit is paid only after both die. The joint insurance policy would pay death benefit only after the last insured dies.

A second-to-die life insurance policy will help pay estate taxes for a very low comparative cost. In other words, it’s a great value for those that think they might have to pay the estate tax.

It is comparatively less expensive than other insurance plans, due to the fact that two lives are insured instead of just one. It is less risky for the life insurance company, but it also means that the life insurance underwriting process (the process which determines if you qualify) is usually easier. The insurance company will usually focus on the youngest or healthiest of the two insured individuals.

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