Joint Life Policies

Under an ordinary joint-life policy two or more persons are insured in favor of each other, the policy terminating and being payable when the first death amongst them occurs. Such a policy may be issued in connection with any of the forms of insurance previously discussed, viz, term insurance, whole-life insurance, endowment insurance, etc., and the premium may be paid on either the continuous-payment or limited-payment plan. If issued on the endowment plan, the company agrees not only to pay the policy in the event of the death of one of the parties to the contract during the endowment period, but also at the end of the period if all the parties to the contract are then alive.