Many Americans worry about what will happen to their heirs when they die. They fear their children may have to sell inherited property to pay off what can sometimes be expensive estate taxes at the time of their death. Most people address this concern by purchasing life insurance products.

According to survey data collected by the London International Insurance and Reinsurance Market Association, when people consider their own death, their main fears include:

Losing money on my investments

Burdening dependents if I die prematurely

Leaving an inheritance for my heirs

Paying for a child's schooling or college

The survey also found the top reasons for owning life insurance in the United States in 2015 were:

To transfer wealth or leave an inheritance

To pay for estate taxes or create estate liquidity

As a tax-advantaged way to save and invest

You may want a life insurance product that offers all three of these features, which is why you should consider a second-to-die policy.

Generally, second-to-die insurance is used for estate planning. It is a type of cost-effective life insurance on two people that provides benefits to the heirs only after both spouses die. This differs from regular life insurance in that the surviving partner doesn’t receive any benefits after their spouse dies.

People who take out this type of insurance are thinking of their heirs, not themselves. For example, it could be designed to pay estate taxes or support any surviving children. It is also called dual-life insurance and survivorship insurance.

These policies cover two or more people for less money than two individual policies would cost. For even more cost flexibility, you can choose to have a joint policy issued as term coverage, or you can choose the protection and cash value accrual of a permanent policy.

Commonly, the death benefit from a survivorship life insurance policy is calculated to pay federal estate taxes and other estate-settlement costs owed after both spouses pass away. The product was developed in the early 1980s in response to a law that enables married couples to delay federal estate taxes until both spouses pass away. This law helped surviving spouses avoid potentially depleting their finances to pay sometimes significant taxes, but unintentionally put the burden on any remaining heirs.

Life insurance claims should be fairly straightforward. When a loved one dies, it should be a simple matter to report that person’s passing to the life insurance company and begin the claims process. However, the process can be a bit more complicated due to life insurance scams and fraud.

False death claims are frequent scams in the life insurance industry. Claims made very soon after an insured party increases life insurance coverage will often alert an insurance company of potential fraud. Insurance companies also compare claims to others like them to look for potentially falsified or wrongful claims.

Life insurance companies require full and adequate documentation of your claim to make sure it is legitimate. Being truthful, keeping adequate records and providing all requested documents can help to ensure that your claim is not considered fraudulent, and you can obtain your benefits.

If you need help sorting out the facts regarding life insurance claims, and how to ensure that your family does not experience financial hardship in the event that something happens to you, find an agent in the Trusted Choice network today. One of these agents, in your area, can help you learn everything you need to know to make the best decision regarding your life insurance.

When a loved one passes away, the insured’s life insurance policy can provide a death benefit that helps family members to pay for medical payments, end-of-life expenses and funeral costs. The first step in filing a life insurance claim is to contact the insured’s agent who can be the intermediary between you and the insurance company and help things to go smoothly. The agent will help you complete the life insurance claim forms and work with the life insurance company to claim your benefits.

If you are looking for a new life insurance policy and want a reliable, knowledgeable professional to help you make the right choice, contact an independent agent in the Trusted Choice® network who specializes in life insurance. These agents are focused on providing the best possible service, from helping you choose the right plan to navigating the claims process.

Obtain multiple original copies of the official death certificate from the funeral director

Contact your insurance agent to inquire about the claims process and paperwork

File the paperwork and the original death certificate with the life insurance company

At any point in the process, you should be able to reach the insurance company to obtain assistance, even if it is outside of business hours and your agent is not available.

If you cannot find a policy you believe to exist, there are a number of ways to find a missing policy. One way is to contact the Missing Policy Service at the American Council of Life Insurance in Washington, DC.

Life insurance can protect your family from becoming financially burdened in the event that you unexpectedly die, especially if you are the primary income earner for your household. Life insurance proceeds can help your loved ones cushion the economic impact that may occur as a result of your death.

Life insurance is important for different individuals for different reasons. For some people, it is important to cover end-of-life costs while others want to create a large financial legacy for their dependents and heirs. Some people want a life insurance policy that will help their business continue to flourish after their passing. Others want to create an endowment that will benefit an important cause or institution.

Life insurance policies have helped many families at a time of need, when a primary income earner dies. When that happens, the family can be left with additional expenses and fewer financial resources. Living expenses, funeral expenses, debts, mortgage or rent payments and education costs can all create an enormous financial burden for a family when a primary income earner passes away.

Unfortunately, a large percentage of families today lack any form of life insurance, leaving open the possibility of financial hardship. Term life insurance is a highly affordable policy that can help prevent this scenario. An independent agent in the Trusted Choice network can help you get quotes and determine if life insurance makes sense for you.

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Many people do fully understand what life insurance is and how it works. This is partly because life insurance is somewhat complex, and partly because it is a very flexible type of insurance that offers many opportunities for creating security for you and for your family.

The two basic types of life insurance are:

Term life insurance: A term life policy is in force for a specific time and has a face value (coverage amount) that you specify when you buy the policy. In the event that you die within the specified term, the insurance company pays the face value of the policy as a death benefit to your beneficiaries.

Permanent life insurance: A permanent life insurance policy (which includes whole life, universal life and variable life insurance) is in force for your lifetime as long as you continue to make your premium payments. Like term life insurance, permanent life insurance pays a death benefit. But it also has an accumulating cash value.

To get a complete understanding of your options and evaluate quotes, contact a local independent agent in the Trusted Choice® network who specializes in life insurance. Trusted Choice member agents work for you, the customer, not for a life insurance company. Your agent will be able to provide options and quotes from multiple insurance companies and help you to make an informed decision about the right life insurance for you.

In its basic form, a life insurance policy provides death benefits and is designed to cover loss of income, end-of-life expenses, funeral costs and other financial needs that a family may have if you – the policyholder – should die unexpectedly.

While death benefits are often designated for funeral expenses and income replacement, life insurance is a very flexible type of coverage that can be used in numerous ways.