Also called a "second to die" policy, survivorship life is written on two individuals at the same time, usually husband and wife, and pays upon the second death. This type of policy is a good choice for individuals leaving an estate with a high percentage of non-liquid assets. The insurance proceeds allow the heirs to avoid a forced liquidation in order to pay the estate taxes and other settlement expenses.

There are whole life, variable life, and universal life versions of this type of policy. There are also policies designed for business use such as when there are two partners in a business. The principal advantage is that the premiums are lower than for two individual policies.

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