Definition - What does Joint Insurance mean?
Joint Insurance is life insurance that insures the lives of two people as opposed to just one. For joint life insurance policies, death benefits are paid out to the beneficiaries as soon as one of the two people covered by the policy dies. No benefits are given when the second person dies.
Insuranceopedia explains Joint Insurance
Joint insurance is commonly purchased by couples. The benefit of joint life insurance is that it can insure two people for prices that are often cheaper than they would be if the two people purchased life insurance separately. However, the drawback is that the surviving person in the joint policy can be left with no life insurance coverage after the other person dies. So, the surviving person may have to buy a new individual life insurance policy if he or she would like to have life insurance after the death of the other policyholder.
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