Joint Last-to-Die

In the context of Life Insurance, "Joint Last-to-Die" coverage insures the lives of two individuals under a single policy. The death benefit is paid out only upon the death of the last surviving insured individual. This type of coverage is often used for estate planning purposes, providing funds to cover taxes or other liabilities that arise after both insured individuals have passed away.

Key aspects of Joint Last-to-Die coverage include:

  1. Dual Coverage: Insures two individuals under one policy.
  2. Final Death Payout: The death benefit is payable upon the second death.
  3. Estate Planning: Commonly used to manage estate taxes and liabilities.

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