Joint and Last Survivor Insurance is a type of life insurance policy that pays out a death benefit when the last insured person dies. It is designed to provide financial protection for a surviving spouse or partner in the event of the death of the other insured person. The policy pays out the death benefit to the surviving partner, regardless of who dies first. This type of policy is often used to provide financial security for a surviving spouse or partner in the event of the death of the other insured person.