Second-to-die insurance

(redirected from Dual Life Insurance)

Second-to-die insurance

Insurance policy that, on the death of the spouse dying last, pays a death benefit to the heirs that is designed to cover estate taxes.

Second-to-Die Insurance

An insurance policy that covers a married couple and pays the death benefit on the death of the second spouse. Generally speaking, the death benefit is intended to cover the estate tax. Because the second spouse does not owe the estate tax upon the death of the first spouse, second to die insurance helps the heirs of the married couple rather than either the husband or the wife. It is also called survivorship life insurance or dual-life insurance.
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A month ago, the company announced the immediate closure of its indi vi dual life insurance business with the loss of 200 jobs after parent company Swiss Life failed in its year-long quest to find a buyer.