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Who should own second-to-die insurance?

A second-to-die life insurance policy insures two lives rather than one. Under a second-to-die policy, no benefits are paid when one of the two die. Instead, the benefit is paid only after the second one dies. Relatively affluent couples can benefit from a second-to-die policy. If a couple wants such insurance, they can create a separate irrevocable life insurance trust to purchase the policy. By placing the insurance in the trust, they will ensure that the insurance proceeds paid to the trust will be totally free of federal estate taxes. Second-to-die insurance is also popular among small business owners who want to make sure that their children will have enough money to keep the firm going after both parents have died.