Second‐to‐die is a permanent life insurance policy that insures two people’s lives, usually a husband and wife, under one policy and is available from Morris & Reynolds Insurance and the quality life insurers we represent. Second to Die Life Insurance, also known as “Survivorship Insurance” or “Dual-Life Insurance”, provides benefits to your heirs after the death of the last surviving (or second) spouse. Second to Die Life insurance allows parents to focus specifically on their children and often is used for estate planning, supporting the surviving children, or even for charitable bequests.


Most of the time Second to Die Life Insurance is purchased by couples that may have large estate tax responsibility on the horizon due to their much larger than average estates. Since these policies are often much less expensive than a separate, individual, life insurance policy, it’s a very wise investment in order to receive a tax-free death benefit.

As simple rule of thumb is that if the couple’s estate is worth $ 1 million to $5 million or more, then it often makes sense to consider a Second to Die Life Insurance policy.

The Second to Die Life insurance policy isn’t exclusively for husband and wife. It can be purchased to cover two siblings, a parent and child, or even a pair of business partners. Second to Die Life Insurance is also an excellent way to fund your Charitable Giving plans.


  • One permanent policy insures two lives, generally for less than the cost of two individual policies. Rates are often lower than for an equivalent life insurance policy for two people. The policy doesn’t typically build cash value and also doesn’t pay the benefit until both insured people die.
  • Capital is secured upon the second death to preserve the value of an estate or business.
  • Parents of children with special needs can be assured that the costs of special care-giving can continue to be met when both of them have passed on.
  • One generation can preserve its hard-won success for the benefit and success of the next generation.
  • Favorable Underwriting: Second to Die Life Insurance is typically sold as a Universal Life insurance policy, but there are also a few insurers that offer a term life insurance policy with this option. The mortality table used by the underwriters for this policy is more lenient, since the policy will be based on two lives, not just one. As long as one person is in good health, even if the other is typically not insurable, you can often still get a policy.


In the 1980’s the government passed a law that postpones estate taxes until both parties have died which leaves the next of kin or sole beneficiary responsible for the taxes. These taxes can be very high for a large estate.

Under previous law, the federal estate tax exemption was supposed to drop significantly from $5,120,000 in 2012 to $1,000,000 in 2013, and the estate tax rate was scheduled to jump from 35% to 55%. But in early 2013 Congress and the President passed the American Taxpayer Relief Act (or ATRA for short), which, has, at least for now, supposedly made the laws governing federal estate taxes, gift taxes and generation-skipping transfer taxes “permanent” for 2013 and beyond. Under ATRA, the federal estate tax, gift tax, and generation-skipping transfer tax exemptions were set at $5,000,000 but are to be indexed for inflation beginning in 2011. This means that each exemption sits at $5,250,000 for 2013 and will continue to be increased according to inflation rates in 2014 and beyond.

Without proper planning, failure to make arrangements to pay the federal estate taxes that inevitably become due – after both people die – can be a costly oversight. Estate taxes over the last decade have ranged from 30% to 55% of one’s estate value at the time of death. Current law permits deferral of one’s estate tax until after the second death. When the second spouse dies, the beneficiaries have options. They can:

  • Liquidate part of the assets of the estate
  • Borrow, using the value of the estate as collateral

A practical solution will be available to beneficiaries if action is taken while both spouses are still alive by purchasing a Second To Die Life Insurance policy. Your beneficiaries will then be able to pay federal estate taxes and administrative costs with the proceeds the policy.

So the Second To Die Life Insurance policy was designed to pay the taxes for the next of kin when both parties die. This is in response to the fact that the government allows a one-time gift from the deceased spouse to the other spouse of the entire estate amount without any kind of taxes involved. With this deduction the amount of the estate becomes part of the estate from the living spouse which in essence could double the amount of the estate taxes that are owed. The Second To Die Life Insurance policy is very effective for dealing with the estate tax issues for the surviving parties. This type of policy tends to take some of the burden off of the surviving person and allows them, and their heirs, to be more at ease without having to worry about the paying of taxes.


What’s your passion? People who have a special interest in the future of a school, church, animal park, hospital, foundation, or other charity, often come in twos. Couples who are charitably inclined can use Second To Die Life Insurance as an efficient, affordable, way to increase the impact of your charitable contribution without increasing your financial vulnerability during your lifetimes. Their annual gift can be used to pay the premium and create an eventual endowment of sizable proportions. When using a Second To Die Life Insurance policy for charitable contributions your estate will typically not owe gift or estate taxes when the claim is made by the charity after both people have passed away.


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As an independent agency, not some insurance company, we offer choices from all of the leading insurers and act as your advocate and navigator through the complex world of insurance.

Morris & Reynolds represents and has access to the entire market of leading insurers. Many of our relationships with major insurers span decades and often find us in a leadership position as an advisor or agent Board member. We also offer immediate access to America’s Health Insurance Exchange, along with the professional advice and guidance needed to navigate the many insurer options in addition to providing the day to day service you need in the years to come that we’ve been known for since 1950.


Insurance rates are filed with and regulated by the State Department of Insurance. Whether you buy from Morris & Reynolds, some on line or toll free business you’ll never see, or even directly from an insurance company, you’ll pay the same premium for the coverage you purchase. This means that you can enjoy the advantages and convenience of shopping and purchasing your insurance from Morris & Reynolds’ professional people, as well as have our live, local, service available whenever you need it and rest assured that you’re getting the best available price.


Your coverage and budget goals are our sole focus. The coverage and costs that we quote, in fact all we do, is focused on you and your family. We are known as aggressive negotiators who have our clients’ best interest at heart. Always.

We also enjoy serving our clients in the most transparent manner possible and are happy to discuss and disclose our compensation and answer your questions about that important topic with you. Morris & Reynolds is a truly independent insurance agency and has been since 1950. Our focus is never on stockholders, stock prices or an insurance company preference, but our clients’ goals, dreams and desires. Always.


Let’s face it, insurance can be time consuming and frustrating. Dealing with medical providers, claims paperwork and insurers is often an experience filled with ‘red tape’, delays and frustration. Whether you or your family members have a question about your coverage, a provider, a bill or a claim we are here to help every step of the way. Our Client Advocates are here at Morris & Reynolds everyday focused on assisting you and your family with provider and claim concerns as well as the never ending ‘red tape’ involved with America’s medical ‘system’.


Your satisfaction with the insurance that we provide to you and your family is very important to us. At Morris & Reynolds Insurance we take your peace of mind to heart in all we do from the coverage that we structure, the insurers we suggest and the day to day service and care we provide to you. When you need us most, we will always be there.


At Morris & Reynolds Insurance our clients’ receive the best of both worlds. We are well known for our ‘old fashioned’, reliable and responsive service that dates to the founding of our agency in 1950.

Our Client Service Underwriters, Client Advocates and Professional Agents are deeply committed to their profession and career-long learning. Our award winning TEAM of professional people, the finest people in employee benefits and insurance, is unique to Morris & Reynolds Insurance. In order to offer our clients the very finest results possible we constantly seek improvement by way of training, performance measurement and process reviews.

Our corporate office is an approved and certified testing site for the prestigious Insurance Institute of America and their curriculum is part of our ongoing TEAM educational efforts. Morris & Reynolds Insurance is proud of the awards that TEAM members have received from a variety of industry associations and insurers, including the Florida Agent of the Year, The National Agent of the Year and The Customer Service Representative of the Year Honors to name a few.

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14821 South Dixie Highway, Miami, Florida 33176
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