Is there such a thing as "joint" life insurance for two people that will pay the survivor should the other one die?
In other words, I'd like to buy a policy for myself and my wife for say, $1,000,000.
If I died, she would get the benefit, if she died I would get the benefit, then perhaps if we both died at the same time, it would go to some other beneficiary that we designate.
Basically, it seems like this should be a less expensive way to buy a life insurance policy since it would only have to pay off once as opposed to purchasing two separate policies.
I read about something called a "Survivors Policy" but this seemed like it was intended more to benefit the heirs after both the husband and wife die.