Dual Life Insurance

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Definition: Dual Life Insurance


Dual Life Insurance


Full Definition of Dual Life Insurance


Dual life insurance is a unique form of life insurance that provides coverage for two people, instead of one. Most often, dual life insurance is purchased by married couples and used for estate planning. The key difference between dual life insurance and regular life insurance is that dual life insurance is designed to benefit the successors of the estate, not the dual life insurance holders. In other words, the death benefit of dual life insurance is not paid out until the surviving partner reaches death. That means that upon the death of the fist spouse, the surviving spouse does not get the death benefit of dual life insurance. Therefore, dual life insurance is a common way to pay estate taxes and provide for the families of the insured. Dual life insurance is also called second-to-die insurance.


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April 23, 2024 https://payrollheaven.com/define/dual-life-insurance/.
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Dual Life Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/dual-life-insurance/ (accessed: April 23, 2024).
American Psychological Association (APA):
Dual Life Insurance. PayrollHeaven.com. Retrieved April 23, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/dual-life-insurance/

Definition Sources


Definitions for Dual Life Insurance are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February, 2020 | 0 Views.