Second-to-Die life insurance is also known as survivorship life and is entered in the program as being jointly owned. It is a life insurance policy on the lives of two people, often a husband and wife. Premiums are normally lower than a single life policy for the same amount but are payable as long as either one of the insureds is still living. Death benefit is not payable until both insureds have died.
If the insurance policy is owned by an irrevocable trust, make sure to select the appropriate trust for the ownership of the asset. Such policies are considered to be outside the person’s estate.
To change information about the asset, click on the name and the Edit button. To remove an asset from the list, click on the name and then the Delete button.
There is a technique called Gift Existing Life Insurance that lets you show the effect of moving life insurance into an irrevocable life insurance trust. A policy can be placed in a trust by answering Yes to “Allow Death Value to be placed in Trust?”