Joint Life and Survivorship Life

What this video covers

• How joint life insurance covers two insureds under one policy and ordinarily provides one base-policy death benefit
• When first-to-die coverage generally pays and when survivorship, or second-to-die, coverage generally pays
• Why first-to-die coverage may fit a buy-sell agreement that requires funds after either owner's death
• Why survivorship coverage may fit a family that needs proceeds for heirs after both insured parents have died
• How to calculate a first-death funding gap using only funds available when the obligation is due
• Why equal benefit amounts do not make first-to-die and survivorship policies interchangeable
• How to identify the covered people, payment trigger, financial need, and separate policy terms