What Is Joint Whole Life Insurance?

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    Ted Ratliff
    Owner, SFS Associates,
    Joint Whole Life is a policy that covers two people on the same policy.  The policy will pay when the first party dies.  The surviving party then has the right to purchase another policy regardless of insurability.  Another form of Joint life is a last to die.  The policy is scheduled to pay at the last insured death.  While there are some advantages to joint life, my experience has been that they can be a nightmare at times, particularly in the case of a joint life on a husband and wife going through a divorce.  Because of the volatile nature of divorce situations having two people get together to divide the policy into two individual contracts can be a touchy situation.  My preference in most situations is two separate policies.
    Answered on June 9, 2013
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