Life Insurance References

Joint life insurance is a single insurance policy taken out on 2 people, typically husband and wife. These enables two individuals to be protected, but the full value of the policy is paid only once at the time of either insurer’s death. This is also referred to as the joint first to die clause. Policies can be either first-to-die or second-to-die. In first-to-die, the benefit is paid to the surviving spouse; in second-to-die policies, the benefit is paid to a estate beneficiaries. Joint life insurance policies do not only help families. It can be beneficial to business partners as well. Insurance joint life policy in a business setup has two types, the single life annuity and the last to die annuity. The first one corresponds to the clause that the value of the policy is payable until the first partner dies. The second one, on the other hand, says that the policy is in force until the last partner dies.