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Simple English definitions for legal terms
last-survivor life insurance
Read a random definition: guaranty treaty
A quick definition of last-survivor life insurance:
Last-survivor life insurance is a type of life insurance that covers two or more people and pays out only after all the insured individuals have died. This type of insurance is also known as last-survivor insurance. It is different from other types of life insurance, which pay out when an individual dies. Last-survivor insurance is often used by couples or business partners to provide for their heirs or to cover estate taxes.
A more thorough explanation:
Last-survivor life insurance is a type of life insurance that covers two or more people and pays out only after all the insured individuals have died. It is also known as last-survivor insurance.
For example, a married couple may purchase last-survivor life insurance to ensure that their children receive a payout after both parents have passed away. The policy will only pay out after the death of both parents.
Last-survivor life insurance is often used in estate planning to provide funds for heirs or to cover estate taxes. It can also be used to provide for a disabled child or to fund a charitable donation.