Second-to-die insurance

(redirected from Last Survivor Policy)

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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The new last survivor policy, which offers guaranteed protection and cash values that grow at fixed rates, insures two people and pays a death benefit after both insureds have died.
Our newest last survivor policy offers consumers cost-effective, guaranteed life insurance protection for as long as they live," Fitch said.
Split option rider -- Allows insureds to split their last survivor policy into two single-life policies with similar death benefits and underwriting classes if certain conditions are met.