Premuim are often paid in some certain services rendered. The premium of a survivorship life policy compared with compared with that of a joint life policy would be Lower.
- Survivorship Life is said to be the same as joint life as it often insures two or more lives for a premium that is based on a joint age.
It is known to be a joint life insurance product that is often based on two people with an insurable interest and the two parties involved must die before death benefits are paid.
Example: The grandchildren will not receive the death benefit until after both grandparents pass away.
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