Jargon Buster - Definition of Joint Life Second Death
Please select your letter of choice below to see the list of terms:
- Joint Life Second Death
is a joint life insurance policy that pays out in the event of the second death, i.e. when both of the lives assured are deceased. This form of policy is usually used for estate planning and can only be advised by recommended by Independent Financial Advisors whom can advise on investments.
Premiums for a Joint Life Second Death Life Insurance policy should be cheaper than a standard Joint Life First Death policy as the risk to the insurer is substantially less.
An alternative to taking a Joint Life Second Death policy is to take out two single life policies, meaning that a lump sum is paid on both the first and second death.
Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.
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