What is joint life insurance?

There are two main types of joint life insurance, (first-to-die) and (second-to-die).

With a joint life insurance (first-to-die) policy, two people are insured. Benefits are paid when the first person dies. The premiums on this type of policy is lower than if two policies were bought whose total death benefit equaled the death benefit under the joint life insurance policy.

With a joint and survivor life insurance (second-to-die) policy, two people are also insured under one policy, but pays death benefits only when the second insured person dies.