What kind of life insurance policy covers two or more people with the death benefit payable upon the last person's death?

The life insurance policy that covers two or more individuals with the death benefit payable only upon the last person's death is known as Last Survivor Life insurance. This type of policy is designed to provide a death benefit that can be utilized to cover estate taxes, provide for heirs, or fund other financial needs after the second insured passes away.

Last Survivor Life insurance is particularly advantageous for couples or business partners, as it ensures that resources are available for the surviving beneficiaries even after both insured individuals have died. This contrasts with other life insurance types that may pay out upon the death of the first insured individual, which would not provide coverage for the duration of both lives.

In summary, Last Survivor Life insurance is specifically structured to offer benefits that reflect the needs of those who want to ensure financial security for their dependents after both insured individuals have passed away.