Guardian Life Insurance Company of America is launching its first “second-to-die” whole life product. The new offering, announced Wednesday, targets consumers looking to minimize estate tax burdens or facing significant liquidity needs at the time the second policyholder passes.

While most of the death benefit pays out after the second policyholder dies, Guardian Life executives believe features that offer some relief when the first policyholder dies will differentiate Guardian’s EstateGuard Whole Life Insurance from competitors’ second-to-die, or “survivorship,” products. A special clause accounting for potential changes in the tax code could also pique interest.

“This is a fine-tuned product for a specific set of circumstances,” says Andrew Gordon, head of life product development and risk at Guardian Life.

By insuring both policyholders, Guardian Life can offer a lower premium. However, if there is a major revision to the federal tax code (which, absent the protection of an irrevocable life insurance trust, would potentially subject the death benefit to higher estate tax), a special clause allows the policyholders to split the policy into individual policies.

The product gives customers an effective, tax-advantaged financial strategy for protecting, conserving and transferring wealth to heirs who would otherwise incur high estate taxes, Gordon says. While “helping offset some of the estate taxes is probably where this will be used most,” Gordon adds the new offering could be a good solution for customers with other unique circumstances, such as a family with a special needs child who may need costly care if both parents pass away.

While the product is designed largely to plan for the eventual death of both policyholders, it includes death benefits after the first policyholder passes away; approximately 20% of the death benefit is added to the cash value when the first policyholder dies. In most circumstances, policyholders can also receive a 100% death benefit match of the base policy face amount if one of the policyholders dies within the first four years, though at least one of the policyholders must meet certain health requirements to qualify.

“Any death is an event,” Gordon says. “We like that as a benefit within our policy.”

The product also offers a “paid-up addition rider,” which gives policyholders the opportunity to add death benefit protection in the early years, when they are designing their estate plan and trusts.

Further details on the product were not available by deadline. In 2016, Guardian sold $263 million of new whole life insurance premium with a total of $12.8 billion of new death benefit protection.