A survivorship joint life policy pays when the last person covered dies.

Name: A survivorship joint life policy pays when the last person covered dies.
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A survivorship joint life policy is also known as a second-to-die policy, which pays out a death benefit only when the last person covered by the policy dies. This type of policy is often used in estate planning to provide for the surviving spouse or for the children after both parents have passed away.

A Survivorship Joint Life Policy Pays When the Last Person