A married couple who wants life insurance benefits to pay estate taxes when the second spouse dies should purchase what policy?

A family policy typically covers multiple family members under one plan but does not specifically address the needs of covering estate taxes after both spouses have died. This type of policy generally provides a death benefit for each individual rather than focusing on the timing of payouts and estate planning, which is crucial for the couple's needs.

A joint life policy pays out the death benefit upon the death of the first spouse, which does not align with the couple's goal of covering estate taxes after the second spouse's demise. This structure would not provide the necessary funds at the desired time, leaving a potential gap in estate tax coverage.

A universal life policy is a flexible permanent insurance option that allows for adjustments in premiums and death benefits, but it does not inherently address the specific need for estate tax coverage after both spouses pass away. This type of policy can be beneficial for various needs but does not provide the joint benefit that a survivorship policy offers.