Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
Division of

The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Second-To-Die Insurance


Synonyms:dual-life insurance, last survivor life insurance, last to die insurance, survivorship insurance, survivorship variable life insurance, variable survivorship life insurance
Filed Under: estate-management, insurance, taxation
Tags: insurance, life insurance, taxes
 

Definition of second-to-die insurance

second-to-die insurance
1. A tax-efficient form of life insurance used exclusively for estate planning where death benefits are only paid out to beneficiaries when both spouses have passed away. Also known as "variable survivorship life insurance", "survivorship variable life insurance", "dual-life insurance", "last survivor life insurance" and "survivorship insurance."

Related Terms and Acronyms:

  • annuity   A financial instrument that disperses a number of payments over a set period of time.
  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • estate planning   The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • joint and survivor annuity   An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • life insurance trust (LIT)   A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
  • survivorship   The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
  • variable death benefit   A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.
  • variable life insurance (VLI)   Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.

Search the Glossary

Powerful Mortgage Calculator
Our mortgage calculator has been rebuilt in order to make it more powerful while at the same time, easier to use. Adjust mortgage rates, terms and amortizations or add lump sum payments and see how it affects your mortgage balance over time with our new custom generated charts and graphs.
Mortgage Calculator Amortization Schedule
 
Current Canadian Rates
For the best rate information in Canada, make use of our up to date interest rate comparison chart. Our brokers are not even remotely afraid of advertising our competitor's rates because we know how we stack up.
Best Current Rate Information
 
Mortgage Brokers
Nothing ticks off your bank more than when they lose business to a mortgage broker, and who can blame them? One less person they can make easy money on. Your bank thinks you'll pay their outrageous rates and they hate to be proved wrong. Do it anyway. Apply for a mortgage with us and we'll find you the best rates.
Tick Off a Bank - Try a Mortgage Brokers