What Is Joint Last To Die Life Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.Joint last to die insurance is offered in Canada. It is similar to survivorship, or "second to die" life insurance offered in the United States. The joint last to die policy is owned by two or more people and does not pay out the death benefit until the last insured person dies.Answered on September 10, 2013flag this answer
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaJoint last to die policies also may be known as second to die or survivorship life. The contract permits two policy insureds on one contract. It was originally conceived after the Martial deduction Act under the Economic Recovery Tax Act of 1981 and became law allowing the unlimited transfer of assets to the surviving spouse. Therefore, joint last to die polices were created to pay at the second death of the policy insured.Answered on September 10, 2013flag this answer
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