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.

Second-To-Die policies are more common than First-To-Die. Lifetime guaranteed death benefit with competitive level paying premiums. This a great plan to help provide a financial legacy to any children or loved ones. Clients using this type of plan are concerned about substantial estate taxes on the money they leave to their heirs, or just wanting to be able to offer something when gone.  In addition, this kind of policy offers protection for those whose health might disqualify them from buying their own individual life insurance policy — as long as the other spouse is insurable.

Clients can purchase a joint policy either as term life insurance —, which covers a set number of years — or as Guaranteed Universal Life insurance plan (GUL), so they can structure the time frames needed on their policy. Some carriers offer a lower death benefit starting at just $100,000. While other carriers start at $250,000; which gives a great opportunity for anyone wanting to leave a low cost legacy.

Besides personal use of the policy, business options are available as well using key person, buy-sell, and for those looking for a higher death benefit Premium Financing can be done to help of set the premiums if the client has the assets.