Survivorship policy is a special type of life insurance that wasn’t widely understood as the conventional life insurance. Also called “second-to-die” insurance, this type of policy insures two lives in one contract. The death benefit is paid only after the second person dies. For this reason, the cost of a survivorship policy is typically much lower than two separate policies with the same combined benefit. This is the industriy’s answer to the uncertainty of death for souses who have children and need security against the death of one spouse to give them better chances of making it through difficult times.