insurance

What is second-to-die insurance?

 

What is second-to-die insurance?

The Bankrate.com financial term of the day is: "second-to-die insurance."

Second-to-die insurance is also known as survivorship life insurance. You've heard of hair care? This is heir -- H-E-I-R -- care. It's life insurance on two people, usually spouses, and is geared toward paying their estate taxes when both have died, so the heirs will get their inheritance and not the IRS.

Second-to-die insurance is life insurance times two, and the product is protection for survivors when both insured people are gone.

To get a quote on a new insurance plan, visit the Insurance section at Bankrate.com.

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