Second to die insurance is a phrase heard often when estate planning involves a married couple. Second to die is a form of insurance that pays a death benefit only upon the death of the last surviving injured person. Nothing is paid until both the insured, usually a married couple, die.
When one in the married couple dies, the assets that make up the estate pass to the surviving spouse. The transfer of assets to the surviving spouse occurs without any estate tax needing to be paid.
Historically second to die insurance was marketed to families with a business and real estate to help provide some cash assets when both spouses die and the estate tax becomes due. This facilitates the transfer of a family business from one generation to the next.
As the monetary exemption on estate taxes has risen in the past few years, second to die policies have been written less often. Home Care Path www.homecarepath.com encourages seniors to consult with a financial planner prior to purchasing an insurance product.
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