Not everyone needs second to die life insurance, but it can be very beneficial in certain situations. Unlike a traditional term or whole life insurance policy, which pays benefits to a named beneficiary after the death of an insured individual, second to die life insurance actually covers two people. Benefits are paid out only after the deaths of both insured parties. This type of insurance is typically used for:
If your needs don’t fall into any of these categories above, chances are you will be better served with separate life insurance policies for each spouse.