Second-to-die insurance(redirected from Last Survivor Policy)
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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved