Why it matters
Because the benefit is paid only after both insureds die, premiums are lower than two separate policies with the same benefit. Couples often use it for estate planning, to help heirs pay taxes or to leave a legacy. It does not help a surviving spouse with income needs. Underwriting looks at both people, and a poor health rating for one may affect the price. Availability and terms vary by carrier. Consult a tax professional for estate questions.
Source: law.cornell.edu