In what circumstance will the face amount of a Joint Life and Survivor policy be paid?

The face amount of a Joint Life and Survivor policy is designed to provide coverage for two individuals, typically spouses or partners, and pays out upon the death of the last insured individual. This means that while the policy may offer a death benefit when the first insured dies, the full face amount is ultimately paid only when the last insured passes away. This structure is particularly beneficial for providing long-term financial security and support for beneficiaries after both insured parties have passed.

The other options do not align with the purpose of a Joint Life and Survivor policy. For instance, while a policy anniversary or a maturity date might be relevant for other types of life insurance contracts, a Joint Life and Survivor policy specifically focuses on covering the lives of the insured individuals until the last one dies, emphasizing the need for a payout only after both insureds have passed away. A request from the insured could lead to changes in the policy or its coverage, but it does not trigger a payout in the context of the Joint Life and Survivor structure.