By Brian Whelan QFA · 3 November 2026
Both of you covered. One payout, when your family needs it.
For a married couple planning to leave their assets to each other first, and then to their children, joint-life second-death cover is a practical way to arrange Section 72 insurance.
Both spouses are covered by the policy, but it pays out on the second death. We arrange it this way because that is when the inheritance tax bill arises in this family plan.
Why not pay out on the first death?
There is no Capital Acquisitions Tax (CAT) on an inheritance between spouses. So, if a husband dies and his wife inherits his assets, she has no inheritance tax to pay on that inheritance.
The same applies the other way around. If the wife dies first and her husband inherits, there is no CAT on the transfer to him.
The Section 72 policy stays in place for the surviving spouse. It has not paid out early, before the family needs the money for inheritance tax.
A simple family example
1. The couple plan ahead
They want the survivor to inherit first, and their children to inherit after both parents have died. They arrange one joint-life second-death Section 72 policy.
2. One spouse dies
The surviving spouse inherits the assets tax-free. The policy continues to cover the survivor and does not pay out at this stage.
3. The second spouse dies
The assets now pass to the children. An inheritance tax bill arises on the amount above their available tax-free allowances. The Section 72 policy pays out, providing money to meet that bill.
The cover follows the need
This approach matches the payout to the point at which the family needs the inheritance tax money. It also helps keep the cost down: the insurer is providing one payout on the second death, rather than a payout on the first death.
It does not matter which spouse dies first. The policy pays when the second person dies.
Help your children keep what you leave them
A family can inherit a valuable home or other property without inheriting enough cash to pay the tax. Having a separate insurance payout ready can help avoid the need to sell those assets or borrow to fund the bill.
That is the purpose of the plan: enjoy your assets during your lifetime, while putting money in place to help the next generation keep them.
What would it cost for the two of you?
I can compare Section 72 quotations and explain how the cover would fit your family’s plans. Your personal report can show the monthly premium, different payment periods and the effective cost to your estate.
Request a quote for joint-life second-death cover or call Brian on 01 668 6136.
See our worked example: €600,000 of cover and the effective cost of the premiums.
For further detail on the spouse exemption, see Revenue’s inheritance guidance for surviving spouses and civil partners.