If you’re not sure whether you should buy whole life insurance on your own, maybe you should consider a joint policy. The survivorship policy (also referred to as the second-to-die policy) is a type of joint life coverage that pays the death benefit after the death of the second policyholder.
This type of coverage is a great option for a high-net-worth married couple who plan on transferring a business or an estate to their heirs without creating a huge inheritance tax burden.