Joint life insurance contracts come in two forms, first to die and second to die, depending on which death triggers the death benefit payment.
Not exact matches
Assets owned individually by a decedent at death that don't pass to another person by trust (i.e. revocable
living trust),
contract / beneficiary designation (i.e.
life insurance, annuity or 401 (k)-RRB-, or operation of law (i.e.
joint tenancy with right of survivorship) may be subject to probate if the applicable threshold is exceeded.
A feature that may be offered under an annuity
contract in which the
insurance company promises an individual may withdraw a specified amount from an account, even if the account balance is reduced to zero: (1) for the
life of the individual, or the
joint lives of two individuals (e.g., the individual and spouse); or (2) for a specified period of time.
Annuities: A fixed - income annuity is a
contract with an
insurance company that, in return for an up - front investment, guarantees3 to pay you (or you and your spouse) a set amount of income either for the rest of your
life (and the
life of a surviving spouse in the case of a
joint and survivor annuity) or a set period of time.
Some
life insurance contracts have
joint insureds.