Second-to-die insurance comes in place when both parents have passed away. It’s a comprehensive way to protect your children financially after your death. This type of insurance is also commonly known as survival life insurance or dual life insurance.
Death is unfortunate and unforeseen. Your children might not be in a stable financial position when you pass away. Acquiring a second-to-die insurance FL can help your children navigate through life when they no longer have your support.
Here are some benefits of acquiring a second-to-die insurance policy:
Doesn’t Factor In Health Conditions
Most life insurance companies always factor in your health conditions and medical history before letting you acquire a life insurance policy. But second-to-die insurance is acquired by both, you and your spouse. This means that the policy isn’t based on just one individual and can look over both of your health conditions.
This is also beneficial for the insurance company because the cost of insuring one healthy person is greater than insuring two people at the same time.
More Economical Than Any Other Insurance Policy
The premiums payable for this insurance policy are determined by the joint life expectancy of both individuals. The premiums are significantly lower than any other life insurance policy because it doesn’t pay out until both the individuals have passed away.
Pays Off Your Estate Taxes
In addition to securing your children financially, second-to-die insurance can also pay for your federal estate taxes and other settlement-related costs after both parents have passed away. The second-to-life insurance was established to help the surviving spouse avoid going bankrupt in order to pay tax bills—putting additional financial pressure on them.
Estate Planning And Maintenance
Second-to-die life insurance can also help with not just building the estate but also protecting it from taxes. It ensures that your beneficiaries are going to receive some amount of money even if their own savings fall short.
This insurance policy also ensures that your estate will be transferred to your beneficiaries instead of being sold to pay death taxes. This is an incredible opportunity for people who want their family estate to be inherited for generations to come.
If you’re looking for a reliable insurance broker who can get you an affordable and comprehensive second-to-die insurance policy, you can get in touch with us at IFG Insurance Brokerage in Florida. We work with the best insurance companies to bring you affordable and premium insurance policies including burial insurance, term life insurance FL and mortgage life insurance alongside second-to-die insurance. Visit our website to learn more about our services!