Survivorship life insurance is a type of whole life insurance that insures two people and pays benefits only after the second person dies. It is generally designed to provide funds to pay estate taxes. Also called "second to die life insurance", "joint and last survivor" and "last to die insurance". Introduction benefits of survivorship life insurance estate planning and survivorship life insurance taxes imposed on the transfer of assets introduction survivorship life insurance or second to die insurance pays a death benefit at the death of the survivor of two individuals, usually husband and wife. The proceeds of the policy become available at the second death when estate tax and estate settlement costs may cause an excessive financial burden. Since estate taxes are based upon the total current value of all assets9liquid or not), Survivorship life insurance can protect family estates such a s real estate, property, family farms and other hard assets from liquidation.