Life Insurance
Joint Life Insurance
Joint life insurance covers two people under one policy. It's commonly used by couples and business partners, and comes in two main forms.
How it works
Joint first-to-die pays the benefit when the first of the two people passes away. It's often used to protect a shared mortgage or household income.
Joint last-to-die pays when the second person passes away. It's commonly used in estate planning, for example to help cover taxes owed at the second death.
Once a first-to-die policy pays out, coverage typically ends — the surviving person would no longer be covered under that policy.
Things to consider
First vs. last to die
They solve different problems. Be clear on which need you're covering.
Two policies instead
Two individual policies may pay out twice and keep the survivor covered. Compare both.
Separation or divorce
Ask how the policy can be split if the relationship changes.
Estate taxes
Last-to-die is often paired with estate planning. Involve your accountant.
Frequently Asked Questions
Is joint coverage cheaper than two policies?
Sometimes, but it usually pays only once. Compare the cost against what each option provides.
What is last-to-die used for?
Commonly, providing funds for taxes and costs owed when the second spouse passes away.
Other types of life insurance
Term Life Insurance
Coverage for a set period, usually at the lowest cost.
Whole Life Insurance
Lifelong coverage with fixed premiums and guaranteed cash value.
Participating Whole Life Insurance
Whole life coverage that may pay dividends.
Universal Life Insurance
Permanent coverage with flexible premiums and an investment component.
No-Medical & Guaranteed Issue Life Insurance
Simplified coverage without a medical exam.
Mortgage Life Insurance
Coverage built around paying off your home.
This page provides general educational information only and is not personal financial advice. Coverage availability and terms depend on the insurer and your individual circumstances.
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