Second death life insurance

Survivorship life insurance, also called second-to-die life insurance, covers two people under one policy. It pays out a death benefit only when both have died. This is different from the other type of joint life insurance policy, which is called first-to-die life insurance and pays out after the first spouse dies.

What type of life policy covers 2 lives?

An increasing death benefit is an option offered in permanent life insurance policies. It rises in value over years. The other options is a level death benefit, which remains unchanged whenever a person dies, be it shortly after purchasing a policy or many years down the road.

What are the two death benefit options?

You may also come across dual life insurance, which will pay twice if both partners die during the term, but it's less common.

Can life insurance pay out twice?

Last-survivor or second-to-die life insurance covers two lives under one policy. The death benefit is paid after the second person covered under the policy dies. Generally, premiums continue to be paid after the first insured dies.