First to Die/Last to Die

First to Die and Last to Die life insurance in most cases is available on permanent forms of life insurance where two individuals, such as spouses, are covered in the event of death. With a Joint Last-to-Die life insurance contract, a benefit is paid to the beneficiary of the contract on the death of the second individual on the insurance policy. Joint First-to-Die life insurance would have a benefit payment to the surviving spouse in most cases. 

Joint Last-to-Die insurance policies have lower premiums and are cheaper than individual life insurance policies as a result of the insurance company not having to make a payment until a later date.

There are different types of premium payment options with this type of insurance. The insured individuals have the ability to pay premiums over a specified number of years as stipulated in the insurance contract. 

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