Joint Life Insurance
A life insurance policy that covers two or more people, typically spouses. The policy usually pays out the death benefit when the first insured person dies (first-to-die) or when the last insured person dies (second-to-die or survivorship).
Detailed Explanation
Joint life insurance can be a cost-effective way to provide coverage for couples or business partners.
Practical Example
Mark and Lisa purchased a joint first-to-die life insurance policy. This means that when the first one of them passes away, the death benefit will be paid out to the surviving spouse.
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