A more thorough explanation:

Last-survivor life insurance is a type of life insurance that covers two or more people and pays out only after all the insured individuals have died. It is also known as last-survivor insurance.

For example, a married couple may purchase last-survivor life insurance to ensure that their children receive a payout after both parents have passed away. The policy will only pay out after the death of both parents.

Last-survivor life insurance is often used in estate planning to provide funds for heirs or to cover estate taxes. It can also be used to provide for a disabled child or to fund a charitable donation.