At the end of the payment period, the accumulated cash value will equal the face value of the policy and the policy matures with payment of the face value to the insured. An endowment policy often is described as a combination of life insurance and a savings plan. Advice by sources outside the insurance industry generally support using other forms of saving. A joint survivorship life insurance policy is written on the lives of two persons, typically on husband and wife. No death benefit is paid at the time of first death.
Premium payments continue through the remaining life span of the survivor.
The death benefit payment is made following the death of the second to die. In some instances, only one person must be insurable in order that both can qualify for a joint survivorship policy. This type of life insurance may be especially useful for families where one person has serious health problems. Estate Planning Considerations Internal Revenue Service regulations and rulings define circumstances where life insurance proceeds are excluded from the insured's estate. They are detailed and very complex.