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Finance Dictionary and Glossary of Investment Terms
Insurance policy that, on the death of the spouse dying last, pays a death benefit to the heirs that is designed to cover estate taxes.
A form of insurance which pays a death benefit only upon the death of the last surviving insured person. Often used by a married couple in estate planning. also called dual life insurance or survivorship insurance.
Life insurance on two people (usually married) that pays out once the last surviving spouse dies.