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Second to die life insurance can be a great tool to protect those who are left behind. While any talk of life insurance can seem morbid, but understanding each of the different types can help you make the right decision for your family’s needs. To get a better understanding of Second to die life insurance keep reading as we explore the subject or to look at some of the other types of life insurance click here.
Traditional life insurance, also called first to die life insurance, is insurance on the life of a single individual. If that individual were to pass away while the policy is in effect then the benefactor would receive the face value of the policy. A very simple transaction and second to die life insurance is only slightly different. Instead of insuring one person, the policy insures the life of two. This detail means that if one person dies then there is no payout. Only after both people have passed away will there be a payout to the beneficiaries.
While this may not seem the best life insurance for you, second to die life insurance can be useful for families who have children or heirs. Instead of providing for replacing a spouses income, which is what we recommend getting term life insurance for, you can use second to die life insurance to have money for someone who will take care of your kids. The second use is to leave an inheritance. Having this type of policy can leave a blessing for your heirs. This means that once both people on the policy pass, the payout from the policy can be useful in case the couple had not accumulated a large estate and wanted to leave something behind to help their descendants.
Getting quotes for second to die life insurance is pretty easy. You can fill out the form on the side of this page and a member of our team will be in touch to help you go through the process. We find that most people choose to get a set of two quotes. One for joint life insurance and then quotes for two separate term life insurance policies (one on each spouse). This way you can compare the costs and get a full understanding of which one works best for you.
If you have any questions or if there is any way we can serve you in understanding what is the best type of life insurance for your needs please let us know.