Joint Life Insurance
There are 2 types of Joint Life Insurance:
Joint life insurance
This is life insurance of two or more persons with the death benefit payable upon the first death. Premiums are significantly higher for joint life insurance policies than for individual life insurance policies, because the probability of having to pay a death claim is higher, increasing the chances for an early payout of the benefits.
If one or both the lives survive to the maturity date, the sum assured plus bonuses are payable on the maturity date. Joint life insurance is attractive for married couples and business partners.
Joint term life insurance
This is just like standard term insurance, but covers more than one person. Typically married couples use joint term life insurance policies to protect each other or their children in the event of the death of their spouse under one plan.
It's the most affordable type of group term life insurance because you are both covered under the same plan and you only pay one premium. It ensures a payout, depending on the contract, on an “either-or-both” basis. Premiums depend of course on the length of the term, and on whether it is payable on the first or last death
Joint Life Insurance