Joint Life - First To Die - in New York

[JayG]

Hi:

Can anyone provide suggestions for companies that will issue First to Die Joint Life insurance policies in the State of New York?

Thanks for your help.

 

[dgoldenz]

Do you mean second-to-die? Or are you looking for a policy that allows for a spouse rider?

 

[JayG]

No. The second to Die, I believe is Survivorship Life.

My client wants Joint Life - First to Die. The surviving spouse would be beneficiary.

I have been told it is not as common. And it may even be harder to find in NY.

 

[dgoldenz]

How is that any different than a regular life insurance policy? If the person dies, the spouse gets the death benefit....why not just write separate policies on each spouse?

 

[JayG]

I believe the reason is because if you write two separate policies on each spouse then there is two premiums to pay, while with a joint life there is only one premium to pay and the idea is that it is cheaper than two separate policies.

 

[dgoldenz]

I believe the reason is because if you write two separate policies on each spouse then there is two premiums to pay, while with a joint life there is only one premium to pay and the idea is that it is cheaper than two separate policies.

It would probably be just as expensive on the type of policy you are describing. A second-to-die will be cheaper, but if it pays on the first death, I would be surprised if it was less expensive than two separate policies.

 

[JayG]

You might be right. That is what I am trying to determine.

However, no one else responded with any company names for me to check out.

Thanks for your input.

 

[Marpol]

there are a few way to do this:

1) buy a policy on each person (duhhhh)
2) buy a policy on one and add a lifetime term rider for the other. This will cost about the same as above but you will save the policy fee (about $50 a year) and lose the comp on the 2nd policy.
3) buy a first to die Joint life Policy. The Phoenix Joint Advantage UL is a joint life policy that pays only on the first death. Unfortunately I don't think it is available in NY.

Good luck.