Life Insurance Basics
What is a joint life insurance policy?
A joint life insurance policy covers two people (typically spouses or business partners) under one policy. There are two types: first-to-die (pays when the first person dies) and second-to-die (pays when the second person dies). Joint policies are often less expensive than two separate policies.
Key Points
- Joint life insurance: covers two people under one policy
- First-to-die: pays when the first person dies
- Second-to-die: pays when the second person dies
- Often less expensive than two separate policies
- An independent agent can compare joint vs. separate policies