Jargon Buster - Definition of Joint Life First Death

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Joint Life First Death

is a way of setting up a life insurance policy to have two individuals insured on the same insurance plan. For life insurance and critical illness policies, they are usually classed as joint policies with 2 policyholders, therefore in the event of the death of one of the lives, the sum assured will be paid out to the other policyholder/life assured.

If one of the lives assured die during the plan term, the policy will pay out the value of the sum assured. It should be noted that the policy pays out only on the first death and not the second.

Many people now find it beneficial to take out two single life policies rather than a joint policy so that they are each insured, rather than jointly. Two single policies would in fact pay out on both the first and second death, meaning two times the payout if something happened to both of the life assured at the same time.


Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.

If you are in doubt of the meaning of any terms, why not email us on info@topquoteuk.com

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