 TITLE: What Type of Life Insurance Should I Get? CONTENT: Other Forms of Life Insurance\n-----------------------------\n_Joint life insurance_ is a less common form of life insurance that many people aren't aware of. A joint life insurance policy covers two people (usually spouses) and can be either term or permanent life insurance. There are two types of joint life insurance: first-to-die and survivorship.\nA _first-to-die_ life insurance policy pays a death benefit to the surviving spouse when the first one dies. At that point, the policy is no longer in force. If the surviving spouse wants life insurance, they have to buy a new insurance policy.\nWhy would you buy a joint first-to-die policy? In some cases, getting a joint policy can be cheaper than getting two separate life insurance policies. However, if one spouse is in poor health, the high cost to insure them could drive up the overall premiums. By purchasing a joint policy, you also lose the ability to tailor coverage for each spouse.\nA _survivorship_ life insurance policy (sometimes called second-to-die) does not pay out until both spouses die. When the first spouse dies, the survivor must keep paying the insurance premiums to keep the policy in force. When the second spouse dies, the heirs receive the death benefit.\nBecause there is no payout when the first spouse dies, survivorship policies are not meant to provide income replacement for the surviving spouse. Instead, they're typically used by high-net-worth couples to ensure their heirs receive an inheritance or have enough money to pay estate taxes.\nWhen buying any type of joint life insurance policy, be sure to find out what happens to the policy if you divorce. END