Joint first-to-die life insurance policies cover both individuals (almost exclusively spouses) under one policy, while individual life insurance policies create two individual plans for each insured.
Some companies offer multi-life policies, which are essentially individual policies, but under one plan. Unlike joint first-to-die policies, multi-life policies stipulate that if one spouse dies, the other spouse can continue the coverage at the initial policy premiums.
Joint first-to-die policies also offer cost savings to the insured, but they come with limitations. In the event that the insured passes away on a joint first-to-die policy, the second spouse could be left with no life insurance coverage.(Joint First-to-Die Life Insurance continued...)