Definitions for "Joint Life Insurance"
One insurance policy that covers two lives, with benefits payable either at the first death or the second death.
Insurance written on two or more persons with benefits usually payable only at the first death. (LI)
Insurance policies that offer benefits for two or more lives, payable on the first death, the second death, or upon each death. Also known as first-to-die life insurance and joint-and-last survivor insurance.