What Is Joint Universal Life Insurance? 
Joint Universal Life Insurance is a universal life insurance policy that covers two people . It can be a `` first to die '' or `` second to die '' policy . If a first to die UL , the policy will pay the death benefit to the survivor when the first of the two persons passes away . If a second to die UL , the policy will pay the death benefit to a third party when both of the insured persons have passed . This latter type of joint coverage is also called survivorship life insurance . Some reasons people may purchase joint universal insurance are : 1 -RRB- They want to consolidate the number of policies they have . 2 -RRB- One of the insured persons may be uninsurable under a regular policy , but can be covered by a second to die policy . 3 -RRB- Only the survivor needs the coverage ... after the second person passes away there is no need for life insurance ... thus a first to die policy works well for them . 