joint-and-last-survivorship option

Definition of "joint-and-last-survivorship option"
  1. An option where the insurance company provides recurring payments to two or more individuals, typically a married couple, from the benefits or commonly the cash value of a policy, until the last individual passes away
How to use "joint-and-last-survivorship option" in a sentence
  1. The couple decided to take the joint-and-last-survivorship option with their life insurance policy, ensuring that they both would receive payments until one of them dies.
  2. The joint-and-last-survivorship option can provide financial security for couples who want to guarantee an income for the surviving partner.
  3. It is important to understand the terms and conditions of a joint-and-last-survivorship option before committing to it in an insurance policy.

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