Joint life insurance policy is a major category of life insurance policy. It allows two individuals to be protected. In this policy, the full value of the insurance policy is paid only once at the time of the death of the policyholder. This insurance policy is also known as the joint first to die clause.

Joint life insurance policy is also regarded as survivorship life insurance policy by which business partners, children and spouses can be benefited. And in this policy, spouses can be directly benefited from joint life insurance policy schemes. If any one person of the couple dies, the surviving spouse will get the entire proceedings of the joint life insurance policy. Moreover, the assured amount of the joint life insurance policy should be enough for them to live on.

Children are also benefited from this joint life insurance policy. With the help of this life insurance policy, one can easily take care of his or her children to send them to school to provide all the essential educational facilities. A joint life insurance is also helpful while one of the parents dies suddenly in an accident or by some other health reasons.

Apart from these, the joint life insurance policies are also helpful for the business partners as well. In this case, the policy is categorized as-

• Single life annuity

• The last to die annuity

 In the single life annuity, the entire assured value of the insurance policy is payable, if the first partner dies all of a sudden. On the other hand, in the last to die annuity policy, the assured value of the policy is paid after the death of the last partner of a business.

 There are several levels of joint life insurance policy that include:-

• Level Term Assurance: It is a fundamental level of joint life insurance policy. In this level, the assured amount is paid after the death of the policyholder.

• Decreasing Term Assurance: It is also known as mortgage protection insurance. In this term assurance, the insurance encompasses the capital and the interest of the mortgage which are paid after the death of the policyholder.

• Critical Illness: This is also integrated into the life insurance policies after the development of medical science.