There are several key differences between joint life and survivorship life insurance policies.
With a joint life insurance policy, the death benefit is paid out to the named beneficiary upon the death of either policyholder. Conversely, with a survivorship life insurance policy, the death benefit is only paid out upon the death of the last remaining policyholder.
Additionally, joint life insurance policies typically have level premiums, meaning that the premium payments remain the same throughout the life of the policy. Survivorship life insurance policies, on the other hand, often have declining premiums, meaning that the premium payments go down over time.
Finally, joint life insurance policies are typically more expensive than survivorship life insurance policies because they provide two death benefits instead of just one.