Second-to-die policy

Which of the following describes second to-die life insurance?

Which of the following is called a "second-to-die" policy? Survivorship life - Survivorship life (also referred to as "second-to-die" or "last survivor" policy) is much the same as joint life in that it insures two or more lives for a premium that is based on a joint age.

What is a first to-die joint life policy?

With first-to-die, the policy pays out as soon as the first person dies, with the surviving second insured the death benefit beneficiary. The primary goal of this type of joint life insurance is similar to individual life insurance. It is often used to compensate for the lost income of a spouse or partner who dies.

What are the two death benefit options?

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 is last survivor life insurance?

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.