Joint survivor life insurance is a type of life insurance policy that provides coverage for two insured individuals under a single policy. There are two forms of joint survivor policies: first-to-die and second-to-die.

First-to-Die Policy

A first-to-die policy pays out a death benefit when the first insured individual passes away. This means that the policy coverage ends after the death of the first insured. It is often used to provide financial protection for couples or business partners, ensuring that the surviving individual is supported in the event of the other's death.

Second-to-Die Policy

A second-to-die policy, also known as survivorship life insurance, pays out a death benefit after the death of the second insured individual. This means that the policy coverage continues until both insured individuals have passed away. Second-to-die policies are commonly used for estate planning purposes, as the death benefit is typically paid out to beneficiaries upon the death of the second insured, providing financial support to the heirs.

Joint survivor life insurance policies can be tailored to meet the specific needs and goals of the insured individuals. They offer a way to ensure financial protection and support for loved ones, business partners, or to facilitate estate planning strategies.

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