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 Joint life insurance also known as first to die insurance, charges a lower premium than two individual policies of the same amount. At death the policy pays out the insured amount. At that point the policy terminates. In some cases the surviving member has the option to purchase a policy at attained age for a maximum amount of the original policy. This type of insurance can be difficult to separate at time of divorce. Conversion options may also become limited. In a rare event such as a car accident, where both parties were to pass away only one policy would pay out.