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.

Second-To-Die Life Insurance And When It's Appropriate

Source: Term Life Insurance For Males