As there are more variations and features of Whole Life Insurance, each variation will be discussed individually. This article explains Joint Life Insurance, which provides either “first-to-die” or “second-to-die” coverage. In both variations of joint life, the cost is typically much less than getting two separate policies because there is only one death benefit payout.
With a first-to-die policy, the proceeds are paid at the death of the first spouse to die, whereas second-to-die policies pay proceeds after both spouses die. Premiums with joint life are very flexible in that premiums can be payable up until first death, second death (or life), or the premiums can be set up to vanish.
