And upon the death of the second spouse, the remaining death benefit is paid out to the beneficiaries. (insuranceandestates.com)
If they leave the asset in their estate and it grows to $ 2 million, upon the death of the second spouse, that $ 1 million gain would get a step - up * in basis. (regentatlantic.com)
They are less expensive than individual life insurance because they're paying out the death benefit farther in the future i.e. on the death of the second spouse. (moneysense.ca)