JOINT LIFE COVER
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These plans will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Joint life insurance policies are needed when couples want to provide for each other in the event of death. There is nothing to stop you having two separate life insurance policies, but joint life cover is less expensive than two separate policies because a joint life policy would pay out just once in the event of death.
Joint Life “First Death”
The most common type of joint life insurance is a first death policy whereby the policy expires after the insurance company settles the claim after one of the policy holder dies. If both of the insured dies at the same time, then the policy will still only pay out once.
Survivor Policy
Another combination is joint life “second death” which is also known as a survivor policy. This means that the life insurance policy will only pay out when the second person on the policy dies. The main advantage is that the premiums are less expensive as the life expectancy is extended.
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