- Quotes About Being Second Best
- Best Life Sayings And Quotes
- Love Of My Life Sayings
- Quotes For Second Life Quotes
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Survivorship life insurance, synonymous with second to die life insurance and dual life insurance, is a type of coverage that insures two people, typically a husband and wife, with a single policy. Unlike other policies, survivorship insurance policies do not pay benefits until the death of the last surviving policyholder. A survivorship life policy is available in two forms: survivorship whole life insurance and survivorship variable universal life insurance (SVUL). Common purposes of second to die insurance include protecting a business or heirs, leaving a legacy, and estate planning. Read on to learn how a second to die policy works and understand its advantages and disadvantages.
Functions of Survivorship Insurance
Aside from estate planning concerns, the main reason why couples purchase second to die insurance is because it is cheaper than taking out two separate policies. A survivorship life policy also can serve valuable estate-planning functions, including insulating heirs from the possibly heavy burden of estate taxes. The most common functions of survivorship life insurance include:
- Eliminating or minimizing the burden of estate taxes on the insured's heirs
- Protecting children or a business
- Providing an inheritance
- Establish a legacy, such as a gift to a charity or other non-profit organization
Advantages of Second to Die Insurance
In addition to providing the traditional death benefit of any life insurance policy, a second to die policy offers the following advantages:
- Cost-effective. A dual life insurance policy is a more economical way to insure a couple than purchasing two separate life insurance policies. Second to die life insurance is cheaper than two independent policies because the insurer only has to pay one benefit following the death of the last living policyholder.
- Relaxed underwriting requirements. Qualifying for the best survivorship life insurance premiums is far easier than doing so with traditional term life insurance or whole life insurance. Because both policyholders have to die before the death benefit is paid, the insurer is not as concerned with the possibility that one of the policyholders may not be in the best of health. In fact, some insurers will even write survivorship insurance policies if one of the policyholders would otherwise be considered 'uninsurable' by the standards of other policies.
- Estate protection. A second to die policy is ideal for people who would like to insulate their wealth from estate taxes so their heirs will not have to shoulder the potentially crushing burden. With a survivorship policy, your estate will pass on to your heirs intact, as a portion of the life insurance benefit will either pay for or drastically reduce the attendant estate taxes.
- Lifetime protection. The typical second to die life insurance policy will preserve coverage for the entire lives of both policyholders, even significantly after age 100 in many cases.
- Simplicity. The purchase of second to die insurance allows you to insure the lives of two people without having to plan for or worry about who will die first. Additionally, a survivorship life policy creates an irrevocable life insurance trust, with your heirs serving as the beneficiaries. In so doing, the proceeds of the policy are excluded from your estate to minimize the taxes incurred.
Disadvantages of a Survivorship Life Policy
As with all life insurance policies, second to die policies do have a few drawbacks, including:
- Potential complications in the event of a divorce. Your policy may not be dissolvable or may become more expensive in the event you and your spouse divorce.
- Changes in estate-tax law. If avoiding estate taxes are one of the most appealing benefits of survivorship life insurance to you, research how the policy would be impacted by changes in estate-tax laws. You may have to consult with a lawyer who specializes in estate planning to discuss these stipulations.
- No benefit is paid upon the death of the first policyholder. The policy will not help pay for the death or related financial consequences of the first insured person, only the second.
- Dual life insurance is primarily intended to help couples maintain and preserve a legacy. Second to die life insurance does not provide benefits in the way most policies do, and is thus best used for estate-planning purposes.
Congratulations for second baby: Have any of your friends, family or work colleagues become parents again? Congratulate the couple by sending your best wishes and good luck. Take ideas from this post to write your own delightful congratulatory message which you can send as a sweet text, funny Facebook post, cute pin on Pinterest or as a beautiful quote on a card. Giving birth, becoming a mother and father, and welcoming yet another addition to the family deserves a celebration like no other. Be a part of this happy moment and bless the couple with all your heart for becoming mommy and daddy to a baby boy or a baby girl.
1) A loving and handsome father, caring and beautiful mother, pretty and bubbly daughter, and now a cute son like no other. Congratulations for becoming the perfect family.
2) The best part of having a second child is that no one will try to give you parenting advice because they know you have already done this before. Congratulations.
3) Cupid smiled upon you when you became a couple. The heavens smiled upon you when you got married. Angels blessed you when you became parents for the first time. The gods themselves have showered you with blessings, as you have become parents yet again. Congratulations.
4) In the day and age when children are seen as a responsibility, it is wonderful to see parents embracing parenthood as a blessing. Congratulations for becoming parents again.
5) A second baby means double the cuteness, double the sweetness and double the happiness in your family. Congratulations.
6) The love of a newborn baby is pure, innocent and blissful. Congratulations for being able to experience it for the second time.
7) The beauty of giving birth is much realized in hindsight. Ask any old woman how she felt when she gave birth to her child and a beautiful smile will light up her face. Now you have two reasons to keep you smiling for a lifetime. Congratulations.
8) The feeling of having your newborn place its head on your chest for the first time as you cuddle its tiny fingers is one of the miracles of life. You are lucky to have experienced it twice. Congratulations.
9) Congratulations for giving birth for the second time. You are on your way to officially earn the degree Masters of Changing Nappies.
10) Your first child was your first step at becoming a mother and a father. Your second child is the final step in your journey to become a loving family. Congratulations.
11) As human beings, you both have so many qualities that it would have been impossible to for one child to inherit all of them. Now you can pass on some of those qualities to your second bundle of joy. Congratulations.
12) I feel happy that you have given your young daughter a little brother. But I am happier that you have given me an adorable nephew. Congratulations.
13) I officially declare you the strongest woman in the world to be able to tolerate the pains of labor and the sleepless nights that will now ensue, for a second time around. Congratulations to the new mommy.
14) The experience of raising your first child will help you giving your second child an even better childhood. Congratulations.
15) Damn, woman. You are so fertile. Congratulations.
16) Your firstborn may not realize this but with the birth of your second child, he has just been given the best form of friendship, support and lifelong love anyone can ever have – a sibling. Congratulations to the happy parents.
17) Congratulations for becoming a mother for the second time and thank you for making me an uncle to another cute toddler.
18) Just when I thought that your life was perfect, it became better. Congratulations for your second baby.
19) Congratulations for giving your firstborn child the most precious gift ever – a little brother.
20) You are different from all other parents because you are less of a nagging mother and more of a model human being that your children can strive to be. Your newborn is lucky to be born in the arms of such a wonderful parent. Congratulations.
21) If your first child is anything to go by, your second child is going to have the best upbringing ever. Congratulations to the best parents in the world.
22) Congratulations to the mommy for embracing motherhood and to the daddy for taking on fatherhood yet again.
23) Parenting is a full-time job. Congratulations to you and your husband for snapping up yet another role.
24) A second child is god’s way of saying that you both have been excellent parents to your first newborn. He wanted another baby to be born in the caring arms of parents like you. Congratulations.
25) Your first bundle of joy already arrived with your firstborn. With the arrival of your second child, your family has received tub loads of joy. Congratulations.
Quotes About Being Second Best
26) The beauty of becoming parents again is that you have experience by your side. Congratulations.
Best Life Sayings And Quotes
27) The concept of motherhood is so deep, that just having a child doesn’t make a woman a mother. But you have been such a loving and caring mom to your firstborn, that you had earned the right to call yourself a mother even before your second child was born. Congratulations.
Love Of My Life Sayings
28) Remember how your firstborn took up all your time and became the priority of your life? So don’t worry, it is not possible for the second child to take up any more time. Congratulations.
29) You already had the cutest child and now you have given birth to yet another cute toddler. How will you be able to handle this overdose of cuteness?
Quotes For Second Life Quotes
30) When you both got married, you became a lucky couple. When you had your first child, you became luckier. Now that you have become parents for the second time, you have become the luckiest. Congratulations.