The song had a rich history prior to its success in 1989. It first appeared on Mann's self-titled 1980 album, released on Casablanca records. Bill Medley and Bette Midler (under the title "All I Need to Know") then had minor chart success with it in 1981 and 1983, respectively.
In 1985, Audrey Landers recorded the song as "All I Need to Know" for her second album for the German market, Paradise Generation, by Glenn Jones on his 1987 self-titled album for Jive Records, and gospel singer Cynthia Clawson also has a version under this title on her 1990 album Words Will Never Do.
In the video, Neville and Ronstadt portray a middle-aged couple that are remembering their past and all the difficulties they seem to have faced together. The song is a symbolic representation of growing old together and being unsure of the future, only knowing that it has been the love which is so clear between them.