| Various cash value policies (Whole Life, Universal Life, Variable Life, etc.) that insure two persons, but pay out proceeds only on the second death |
Varies with type of underlying cash value policy selected |
Varies with type of underlying cash value policy selected |
Much less costly than buying a separate policy on each insured |
Not very flexible; If needs change, these policies are less likely to retain their usefulness; Does nothing to meet liquidity needs at death of first insured |
Where liquidity need will arise only on the death of the second insured; To pay estate tax liability of a surviving spouse |