Joint term life insurance is just like standard term insurance, but covers more than one person. Typically married couples use joint term life insurance policies to protect each other or their children in the event of the death of their spouse under one plan. It's the most affordable type of group term life insurance because you are both covered under the same plan and you only pay one premium. It ensures a payout, depending on the contract, on an “either-or-both” basis. Premiums depend of course on the length of the term, and on whether it is payable on the first or last death
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