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First To Die Universal Life Insurance

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First To Die Universal Life Insurance

A joint life first to die life insurance policy insures more than one life under one insurance contract. While a joint life policy can cover an unlimited number of lives, insurance companies usually limit the number of people covered. The death benefit is paid at the first death. After the first death, coverage would cease unless a guaranteed insurability rider was purchased with the policy.

Joint life first to die policies can be used to cover a husband and wife who are both earning an income. The policy would provide a benefit to replace the loss of income from the death of the first spouse or to fund an objective that would depend on the presence of both incomes, such as repayment of a mortgage or payment for a child's college education.

An advantage of a joint life, first to die universal life insurance policy is that it would be less expensive than two individual policies that each have the same death benefit.

Joint life, first to die policies are generally offered in term life, whole life, and universal life policies.



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