Timing! Survivorship life insurance and joint life are at opposite ends of the spectrum. SL is last-to-die insurance and joint life is first-to-die insurance. They are designed to satisfy entirely different estate and financial planning needs. SL provides cash to meet the costs resulting from the last death among the covered insureds and is typically used to provide estate liquidity. Joint life provides cash to meet the costs resulting when the first of the covered insureds dies and is more frequently used in business applications, such as to fund buy-sell agreements.
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