How to Buy Joint Life Insurance

Survivorship life insurance, also called second-to-die insurance or joint life insurance, is a permanent insurance policy that pays after both insureds pass away. Second-to-die insurance is typically used in estate-planning scenarios. Joint life insurance is typically structured as a whole life or universal life contract and is not term insurance.

Difficulty: Easy

Instructions

1. Contact an insurance agent or broker. You'll need to work with an agent or broker to select an insurance carrier to provide the life insurance. Insurance agents make their living via sales commission and should be happy to meet with you to discuss your needs. Be prepared to share your financial and health information with the insurance adviser so he can structure the right solution for your needs.

2. Get paramedical exams. All insurance companies will require paramed exams for their insurance applicants. Paramed exams involve a medical history questionnaire and height, weight, blood, urine and blood-pressure tests. The insurer will cover the cost of this exam and use the results to underwrite your policy.

3. Complete the joint insurance application. Meet with your insurance agent to fill out and sign the application. Bring your checkbook, as you'll want to write a check for the first month's premium to go with the application.

Tips & Warnings

• If one carrier declines to offer you coverage for health reasons, ask your broker to shop around to other carriers that may provide more favorable underwriting.