Joint First to Die Life Insurance (also known as Joint Life Insurance) is an alternative to two individual life insurance policies (e.g. for spouses) and has a few differences to consider when compared to two independent life insurance policies.
Like two individual life insurance policies, joint first to die life insurance will pay out the policy coverage (also called policy face value) if one of the policy holders dies. Once that happens, other policyholder will lose his/her coverage and will need to re-apply. This new application will then consider the new age of a survived policy holder and will typically cost more since the pricing will consider the new age. If a survived policyholder is in their 80s, a new policy might not be available.
Some companies will offer a joint first to die policy with a survivorship benefit that comes into power if a surviving policyholder also dies in the first 30 or 60 days (length can vary across insurance companies).
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