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Are there any companies that offer a second to die term policy?
Second to die term
- Thread starter bluemarlin08
- Start date
- 2,152
I can not think of one.
The only reason to offer second to die insurance is that you want a death benefit claim to be paid. It is a guarentee that at some point the insurance company is going to write a check. No such guarentees exist with term insurance. In fact 99% of the time they never pay on one death.
- 129
Survivorship (aka 2nd to die) Life is typically for use in Estate Tax Planning. I've never heard of carriers offering it as a term product.
- Thread starter
- #5
- 1,926
This is an estate planning case that the client might want to protect insurability and convert to a permanent policy. Manulife and West Coast use to have such a product.
lifeinsuranceguy
Expert
- 60
West Coast still has their second-to-die term policy. It's called the "Golden Legacy Term."
Great question! 2nd to die type of policies probably aren't used enough to deal with estate issues. I'm glad you asked, because I have a case where I need a second to die policy as well. I'd rather sell it as a perm policy, but I'm not sure that is going to happen.
Dan
Dan
- Thread starter
- #9
- 1,926
Discovered West Coast had the product. Client can't cash flow the perm premium, currently, although high net worth, all in RE and close held business. Plans to sell within 3 years, then fund the perm, decided to buy 5 mill STD term, 4500 per year, 10 year guarantee.
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