When is the face amount paid under a Joint Life and Survivor policy?

In a Joint Life and Survivor policy, the face amount is designed to be paid out upon the death of the last insured. This type of policy provides coverage for two individuals, typically spouses, and is structured to continue until both insured individuals have passed away.

The primary feature of a Joint Life and Survivor policy is its focus on long-term financial protection for the surviving insured. The payout, therefore, is only triggered by the death of the last insured person, ensuring that the surviving family members have a death benefit available once both insured individuals are no longer living.

This structure is particularly beneficial for couples who want to ensure that their dependents or beneficiaries are financially supported even after both have died, thus providing a stronger safety net compared to other life insurance policies that might pay out upon the death of just one insured individual.