1st to Die
For spouses who would like to purchase joint life insurance, there are two types of policies: First-To-Die, which pays funds to the surviving spouse after the first dies; and Second-To-Die (also called “survivorship”), which provides a death benefit to the heirs after both spouses have passed away.
While First-To-Die policies are less common than Second-To-Die, it may be an attractive product for a married couple who wants a surviving spouse to be able to replace income and maintain a specific lifestyle – but wants to pay less than the cost of two individual policies.
Clients can purchase a joint policy either as term life insurance — which covers a set number of years — or as permanent life insurance, which protects one or both spouses for life. The latter is the much more commonly purchased version, perhaps because its “cash value” savings component continuously grows.
Why Agents Offer First-To-Die Policies
Just as First-To-Die Policies aren’t the best fit for every client, they aren’t always the best fit for Agents. Consider these questions:
- Are these plans beneficial for the people in your community and the areas you serve?
- Do you offer similar/competitive products?
There are many compelling reasons to offer First-To-Die Policies, such as:
- You can help families with some of the most difficult decisions of their life
- You can provide your clients with peace of mind, as they will know they have a health plan behind them
- You’ll be serving the needs of your clients and community
- You can offer a profitable product that will help your bottom line
How to Get Started with First-To-Die Policies
If you decide to offer First-To-Die Policies, we recommend talking to someone from the Premier team of experts. They’ll provide answers to your questions, and have tools available to support your new product offering.
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