Second-To-Die Life Insurance And When It’s Appropriate
By far, the most common type of life insurance purchased is on a single individual. But in the right circumstance, a second-to-die life insurance policy may be exactly what you need.
A second-to-die policy is unique in that there are two insureds (usually spouses) and a death benefit is only paid out upon the second insured’s death. So we have two lives covered, two deaths, but only one death benefit.
Source: Term Life Insurance For Males