What is commonly referred to as a "second-to-die" policy?

A "second-to-die" policy is commonly known as survivorship life insurance. This type of life insurance is designed to pay out a death benefit only after both insured individuals have passed away. Typically, it covers two lives, often used by couples or partners, and is frequently employed in estate planning to provide funds for heirs to cover estate taxes or other related expenses after both insured parties are deceased.

The structure of a survivorship policy allows lower premiums compared to individual policies since the benefit is not paid until the second insured has died. This makes it an attractive option for those looking to manage their estate's financial obligations effectively, ensuring that sufficient funds are available after both insured parties have passed.

In contrast, the other options describe different types of life insurance policies. Juvenile life refers to policies for children, joint life insures two lives but pays out upon the first death, and family income policies combine life insurance with an income benefit for a specific period after the insured’s death. These distinctions clarify why survivorship life is the most appropriate term for a "second-to-die" policy.