What is second-to-die (survivorship) life insurance and typical use?

• A. Coverage on a single life that pays after death.
• B. Coverage on two lives with benefits paid after the second death; commonly used for estate or inheritance planning and trusts.
• C. Coverage on two lives with benefits paid after the first death only.
• D. Coverage on two lives but benefits are paid at first death and second death.

Answer: (B)