What carriers offer a joint FIRST to die contract?
UPDATED: Oct 14, 2020
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I have an adviser that is asking if any carriers provide a joint FIRST to die life insurance contract. My firm represents multiple carriers but none offer such a product. Can you provide a list of carriers that do?”
Asked October 3, 2017
One of the reason you may have been unable to find a company offering a first to die contract in Arizona is the terminology. This coverage is referred to as both joint life, and first-to-die life insurance. These policies provide coverage when the first of the two insured dies. If the individuals are in good health, the policy will be less expensive.
Two companies who offer this type of policy in Arizona are State Farm, and the Phoenix Companies. The coverage is offered under State Farm’s Joint Universal Life Insurance Products, and Phoenix’s Joint Advantage Universal Life. Both companies offer a policy to insure two lives, offer some accumulation of cash, and flexible premiums. The coverage offered is designed for the partners in a small business, or couples, with concerns as to their circumstances should one of the individuals die.
The main use of this type of coverage is the protection of a business partner regarding a possible buyout if the partner dies, or a young couple in good health interested in protecting the value of their estate. For couples with a high net worth, the policy is used for taxes on the estate, or to replace lost wealth. Riders can be added to the policy if specific terms are requested.
Answered October 5, 2017 by bluemarlin08