Life insurance that covers only simultaneous/dual deaths
This is probably a stupid idea ...
My wife and I both make decent salaries. We believe that either of us could raise our child on a single income if the other passed away. If both of us passed away, our current assets would not provide for our child. In that respect, we don't need what I will call typical term life insurance, but instead only need life insurance that will pay out when we both die (assuming we die within the term). This seems like it would change the risks of the insurance company and should result in a cheaper premium.
Does this product exist? If so what is it called?
If it does not exist, why not?
life-insurance
asked 3 hours ago
StrongBadStrongBad
441213
add a comment |
This is probably a stupid idea ...
My wife and I both make decent salaries. We believe that either of us could raise our child on a single income if the other passed away. If both of us passed away, our current assets would not provide for our child. In that respect, we don't need what I will call typical term life insurance, but instead only need life insurance that will pay out when we both die (assuming we die within the term). This seems like it would change the risks of the insurance company and should result in a cheaper premium.
Does this product exist? If so what is it called?
If it does not exist, why not?
life-insurance
asked 3 hours ago
StrongBadStrongBad
441213
add a comment |
This is probably a stupid idea ...
My wife and I both make decent salaries. We believe that either of us could raise our child on a single income if the other passed away. If both of us passed away, our current assets would not provide for our child. In that respect, we don't need what I will call typical term life insurance, but instead only need life insurance that will pay out when we both die (assuming we die within the term). This seems like it would change the risks of the insurance company and should result in a cheaper premium.
Does this product exist? If so what is it called?
If it does not exist, why not?
life-insurance
asked 3 hours ago
StrongBadStrongBad
441213
This is probably a stupid idea ...
My wife and I both make decent salaries. We believe that either of us could raise our child on a single income if the other passed away. If both of us passed away, our current assets would not provide for our child. In that respect, we don't need what I will call typical term life insurance, but instead only need life insurance that will pay out when we both die (assuming we die within the term). This seems like it would change the risks of the insurance company and should result in a cheaper premium.
Does this product exist? If so what is it called?
If it does not exist, why not?
life-insurance
life-insurance
asked 3 hours ago
StrongBadStrongBad
441213
asked 3 hours ago
StrongBadStrongBad
441213
edited 3 hours ago
StrongBad
asked 3 hours ago
StrongBadStrongBad
441213
asked 3 hours ago
StrongBadStrongBad
441213
asked 3 hours ago
StrongBadStrongBad
441213
441213
add a comment |
add a comment |
1 Answer
1
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votes
https://www.investopedia.com/terms/s/secondtodieinsurance.asp
What is Second-To-Die Insurance
Second-to-die insurance is a type of life insurance on two people (usually married) that provides benefits to the beneficiaries only after the last surviving person on the policy dies. This differs from regular life insurance in that the surviving partner doesn't receive any benefits after the spouse dies. Thus, second-to-die insurance is used for estate planning
answered 2 hours ago
RonJohnRonJohn
12.8k42356
According to this company The two most common types of survivorship life insurance are Universal Life and Whole Life insurance. Term life insurance, being only temporary coverage, doesn’t make sense for this type of coverage (as evidenced by the fact that, at the date of this writing, only one company offers such a product). By the time we retire, and hopefully well before then, we will have enough savings to support our child if we pass away so we are only looking for term insurance and not whole life.
– StrongBad
2 hours ago
add a comment |
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1 Answer
1
active
oldest
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1 Answer
1
active
oldest
votes
active
oldest
votes
active
oldest
votes
https://www.investopedia.com/terms/s/secondtodieinsurance.asp
What is Second-To-Die Insurance
Second-to-die insurance is a type of life insurance on two people (usually married) that provides benefits to the beneficiaries only after the last surviving person on the policy dies. This differs from regular life insurance in that the surviving partner doesn't receive any benefits after the spouse dies. Thus, second-to-die insurance is used for estate planning
answered 2 hours ago
RonJohnRonJohn
12.8k42356
According to this company The two most common types of survivorship life insurance are Universal Life and Whole Life insurance. Term life insurance, being only temporary coverage, doesn’t make sense for this type of coverage (as evidenced by the fact that, at the date of this writing, only one company offers such a product). By the time we retire, and hopefully well before then, we will have enough savings to support our child if we pass away so we are only looking for term insurance and not whole life.
– StrongBad
2 hours ago
add a comment |
https://www.investopedia.com/terms/s/secondtodieinsurance.asp
What is Second-To-Die Insurance
Second-to-die insurance is a type of life insurance on two people (usually married) that provides benefits to the beneficiaries only after the last surviving person on the policy dies. This differs from regular life insurance in that the surviving partner doesn't receive any benefits after the spouse dies. Thus, second-to-die insurance is used for estate planning
answered 2 hours ago
RonJohnRonJohn
12.8k42356
According to this company The two most common types of survivorship life insurance are Universal Life and Whole Life insurance. Term life insurance, being only temporary coverage, doesn’t make sense for this type of coverage (as evidenced by the fact that, at the date of this writing, only one company offers such a product). By the time we retire, and hopefully well before then, we will have enough savings to support our child if we pass away so we are only looking for term insurance and not whole life.
– StrongBad
2 hours ago
add a comment |
https://www.investopedia.com/terms/s/secondtodieinsurance.asp
What is Second-To-Die Insurance
Second-to-die insurance is a type of life insurance on two people (usually married) that provides benefits to the beneficiaries only after the last surviving person on the policy dies. This differs from regular life insurance in that the surviving partner doesn't receive any benefits after the spouse dies. Thus, second-to-die insurance is used for estate planning
answered 2 hours ago
RonJohnRonJohn
12.8k42356
https://www.investopedia.com/terms/s/secondtodieinsurance.asp
What is Second-To-Die Insurance
Second-to-die insurance is a type of life insurance on two people (usually married) that provides benefits to the beneficiaries only after the last surviving person on the policy dies. This differs from regular life insurance in that the surviving partner doesn't receive any benefits after the spouse dies. Thus, second-to-die insurance is used for estate planning
answered 2 hours ago
RonJohnRonJohn
12.8k42356
answered 2 hours ago
RonJohnRonJohn
12.8k42356
answered 2 hours ago
RonJohnRonJohn
12.8k42356
answered 2 hours ago
RonJohnRonJohn
12.8k42356
12.8k42356
According to this company The two most common types of survivorship life insurance are Universal Life and Whole Life insurance. Term life insurance, being only temporary coverage, doesn’t make sense for this type of coverage (as evidenced by the fact that, at the date of this writing, only one company offers such a product). By the time we retire, and hopefully well before then, we will have enough savings to support our child if we pass away so we are only looking for term insurance and not whole life.
– StrongBad
2 hours ago
add a comment |
According to this company The two most common types of survivorship life insurance are Universal Life and Whole Life insurance. Term life insurance, being only temporary coverage, doesn’t make sense for this type of coverage (as evidenced by the fact that, at the date of this writing, only one company offers such a product). By the time we retire, and hopefully well before then, we will have enough savings to support our child if we pass away so we are only looking for term insurance and not whole life.
– StrongBad
2 hours ago
According to this company The two most common types of survivorship life insurance are Universal Life and Whole Life insurance. Term life insurance, being only temporary coverage, doesn’t make sense for this type of coverage (as evidenced by the fact that, at the date of this writing, only one company offers such a product). By the time we retire, and hopefully well before then, we will have enough savings to support our child if we pass away so we are only looking for term insurance and not whole life.
– StrongBad
2 hours ago
According to this company The two most common types of survivorship life insurance are Universal Life and Whole Life insurance. Term life insurance, being only temporary coverage, doesn’t make sense for this type of coverage (as evidenced by the fact that, at the date of this writing, only one company offers such a product). By the time we retire, and hopefully well before then, we will have enough savings to support our child if we pass away so we are only looking for term insurance and not whole life.
– StrongBad
2 hours ago
add a comment |
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