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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

Second-to-die insurance  

Definition 1.

Insurance policy that, on the death of the spouse dying last, pays a death benefit to the heirs that is designed to cover estate taxes.
 

Definition 2.

A form of insurance which pays a death benefit only upon the death of the last surviving insured person. Often used by a married couple in estate planning. also called dual life insurance or survivorship insurance.
 

Definition 3.

Life insurance on two people (usually married) that pays out once the last surviving spouse dies.
 
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