More frequently, life insurance is purchased on a joint last-to die basis. A joint last-to die insurance policy places one level of coverage on the lives of two or more persons, but only pays a death benefit once, at the time of the death of the last persons insured.

The contract is most commonly used in situations where there is a liability (often income tax liability) associated with two or more people and that liability will become payable only at the time of death of the last person to die.

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