A Joint life insurance policy is a life
insurance policy that is designed to cover the lives of two or more people, offering
them benefits payable in the event that the first or second person insured
dies. Policies payable in the event that the first person insured dies may be
term life or permanent life insurance. An example of the use of this type of policy
may be to pay off the home mortgage, which would normally need both a husband
and a wife's income to support. A usual policy payable in the event of the
second insured person dying would be permanent life insurance. This type of
policy could be used for estate planning purposes, such as passing along a husband
and wife's estate to the next generation.
