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Looking for Life Insurance 2 lives - one payout.
Arrem
Posts: 26 Forumite
Sorry about the title but I've tried to get the gist of my enquiry there.
I was wondering if there is an insurance company which will take premiums for two named holders but only pay our on the death of the first holder.
This is the scenario.
My wife an I have two sons who will eventually inherit that which my Wife and I own.
Supposing I die first, my Wife would benefit from having the cost of my funeral met.
Then when she dies, our Sons would have sufficient funds in their inheritance with plenty left over to pay for the second funeral. As I see it, we only need to provide cover for the first death.
Is anyone aware of such cover being available?
I was wondering if there is an insurance company which will take premiums for two named holders but only pay our on the death of the first holder.
This is the scenario.
My wife an I have two sons who will eventually inherit that which my Wife and I own.
Supposing I die first, my Wife would benefit from having the cost of my funeral met.
Then when she dies, our Sons would have sufficient funds in their inheritance with plenty left over to pay for the second funeral. As I see it, we only need to provide cover for the first death.
Is anyone aware of such cover being available?
0
Comments
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I was wondering if there is an insurance company which will take premiums for two named holders but only pay our on the death of the first holder.
All of them.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
As dunston says, "joint life first death" is the usual way such cover is written. This enables the survivor in a couple to meet ongoing living expenses.
The alternative, "joint life last survivor", is quite rare and is specialist cover more associated with estate planning, where the benefit can be used to meet an Inheritance Tax liability.
If you approach an insurer for a quote, you'll normally be offered joint life first death as a matter of course...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you both for the very prompt responses which answer my question exactly.
:T0 -
Go to an independent financial adviser, not a tied one, so you get the best deal.0
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