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Second-to-Die Insurance

If you’re shopping for life insurance, you may look into traditional and nontraditional policy options. One option that may be right for you is called second-to-die life insurance. Contact Elite Insurance Group to learn more about this type of life insurance and whether it may be right for you.

What Is Second-to-Die Insurance?

Second-to-die insurance is a specific type of life insurance policy. It is generally intended for two people, usually married, and will provide a death benefit to their named beneficiaries after the last surviving partner on the policy dies; the surviving partner won’t receive any benefits. With this plan, the policyholder can name any beneficiary who isn’t their spouse. This coverage is often used for estate planning purposes or to support surviving children or grandchildren. It’s also known as dual life insurance or survivorship insurance.

What Are the Benefits of This Type of Coverage?

There are several advantages of second-to-die insurance, which may include the following:

  • More economical—This policy’s premium is based on a couple’s joint life expectancy. And because it pays nothing until both spouses die, the premium may be less expensive than purchasing separate policies for the couple with the same benefits.
  • Estate planning—Second-to-die life insurance can help policyholders build an estate. Additionally, the death benefit of a second-to-die policy could ensure beneficiaries receive a certain amount of money even if the insureds’ savings were depleted during their lives.
  • Estate transferring—Some people buy second-to-die life insurance to ensure their estate completely transfers to their beneficiaries. For instance, a family cabin may remain in use for generations instead of being sold to pay death taxes.

How Do I Buy Second-to-Die Insurance?

If you’re in the market for second-to-die insurance, we’re here to help. We can help you determine if this type of insurance is appropriate for you and your family as well as discuss the limitations of this type of coverage. Contact us today to get started.

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