If you’ve worked hard all your life and built up considerable assets, you want your heirs to receive their full inheritance. Help guarantee that your children can enjoy what you pass on with a second-to-die policy from O’Connor Insurance Agency.
Also known as survivorship insurance, a second-to-die policy is a type of life insurance taken out by two people (usually married) that pays out to beneficiaries only upon the death of the last surviving policyholder. So, unlike regular life insurance, which would benefit a surviving spouse upon the death of their partner, survivorship insurance provides no benefits until the second spouse passes away.
Estates above a certain threshold are subject to an estate tax, but a second-to-die policy can not only help your heirs pay for these taxes but also keep them from having to liquidate specific assets to pay the tax. For example, if you want to make sure that your Massachusetts family home can stay in the family or that your children can keep running the family business in Connecticut, a survivorship insurance policy is a good way to keep those intact.
Keep in mind that you should speak with your estate lawyer or tax professional about the specifics of your estate tax planning. If you might want to add a second-to-die policy to your insurance portfolio, contact our experts at O’Connor Insurance to talk about the best plan to protect your legacy.