Joint Last To Die (JLTD)

The death benefit is paid on the death of the last of the lives insured (in contrast to a Joint First To Die) policy. Since the payment of the death benefit is deferred, the insurance charges are lower than in a single life policy.

JLTD coverage on a couple is useful for estate planning, as taxes are due on upon the death of the surviving spouse.

Typically, JLTD coverage is on two lives, but some insurers allow more lives (e.g. 5). This structure can be useful when life insurance is being bought as an investment, rather than for protection.

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