Buying Tips For Second To Die Life Insurance

Second-to-die or survivorship life is used if one half of a couple is uninsurable but they need a life policy to pay estate taxes.

Second-to-life life insurance is not for people who are younger, have a small estate or where both spouses are insurable.

Second-to-die advantages:

Can be more affordable than large whole or universal life contracts
Easier to qualify for than two separate policies
Can create an estate at death
No estate taxes on benefit
Premium may be cheaper
Proceeds go directly to the heirs
Second-to-die disadvantages
Isn't paid until second death
Policy might not be dividable
Only for very large estates
$100k-250k minimum
Only for estate taxes
May charge higher premiums
Death benefit may be taxable

Second-to-die money saving tips:

Donít get it if you have a small estate
Don't buy more than will cover an estimated tax
Donít get it if your estate planner can eliminate your estate tax
Get at least two proposals from an independent agent
Find out if you're a standard risk before you get your physical
Pay your life insurance premiums on an annual basis
Review your policy annually so that you're not under or over insured
Get a periodic health exam to prevent health problems
Never take drugs, alcohol, and cigarettes before a insurance exam
Make sure youíre given a quote for YOUR HEALTH CLASS
Divulge ALL health problems to your agent

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