A life-insurance policy that insures a couple instead of an individual. It can be much less expensive than an individual insurance policy. Its purpose is usually to pay the estate taxes that arise after the death of the surviving spouse and is most useful where the decedent's assets are predominantly illiquid, such as real estate or a family corporation. In order to be properly utilized, the policy should be held outside the insureds' estate, possibly in an irrevocable insurance trust. Also commonly referred to as a second-to-die policy.