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    In a Joint Life insurance contract two or more people are insured together. In Joint Life insurance policy contracts a single death benefit is payable. The death benefit under a Joint Life insurance policy, is payable either on the first or second death (depending on whether the policy is of the "first to die" or "second to die" type).

  1. Joint Life, first to die (J1): Sometimes purchased for such purposes as paying off a mortgage or a loan. Under these insurance contracts, the death benefit is payable upon the first death among the people whose life is insured in the contract. Some J1 contracts permit the surviving person to continue coverage without having to re-qualify; however, it should be noted that some contracts require that the surviving life make application for continued coverage within a relatively short period of time, such as 30-days, after the date of death of the first person. Other contracts may be more liberal and may even automatically continue coverage on the surviving person. Types and amounts of coverage that may be continued without re-qualification may also be limited.

  2. Joint Life, second to die, with premiums payable to the second death (J22): Under these insurance contracts, normally issued on the lives of two people, the death benefit is payable upon the second death (In other words, when both insured persons have died). The premiums for J22 contracts are payable during the premium payment period as stated in the contract, and until both insured persons have died. J22 contracts are sometimes suitable for, and used for, estate and taxation planning needs. J22 contracts are also useful as a vehicle to place insurance on a person who would otherwise not be able to independently qualify for life insurance.

  3. Joint Life, second to die, with premiums payable to first death (J21): Under these insurance contracts, normally issued on the lives of two people, the death benefit is payable upon the second death (In other words, when both insured persons have died). The premiums for J21 contracts are payable during the premium payment period as stated in the contract, and until the first of the insured people has died. J21 contracts, as their J22 counterparts, are sometimes suitable for, and used for, estate and taxation planning needs. J21 contracts are also useful as a vehicle to place insurance on a person who would otherwise not be able to independently qualify for life insurance.
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