Joint Life Insurance

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Joint Life Insurance Also known as "second to die" or survivorship life insurance. Based on two people with an insurable interest (married couple or business partners) and doesn't pay until both people die. Typically used by high net worth individuals to lessen the estate tax burden on inheritances. These are usually family members or financial dependents. A joint life insurance policy covers two people but it usually only pays out one sum of money, on the first policyholder's death. Joint life insurance can be worth considering if you are married or if you live with your partner, especially if you have children. In some cases, it can also be useful for business partners. Joint Life Policy will be an asset of the firm and deceased partner has a right to share any profit or loss on such policy. So, any claim which is received by the firm on the death of a partner is divided among the partners and credited to their capital accounts in their profit sharing ratio. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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