What happens to the sum assured if the first life p/holder dies?

Question

in a first death-life joint policies?

Answer 1

Under a joint life first death policy the sum assured will be paid out when either of the policyholders die within the term of the policy.  It will only pay out on the first event and cover will cease after the first death as the policy will end and there will be no further payments from you to the insurance company.  

If the remaining policyholder needs further cover they will need to take out a new policy at that time.  Depending on age and medcal history it could be a lotmore expensive to get cover at that time so it is prudent whenever possible to takew separate policies.  The cost of taking two policies in individual names is normally only 5-10% more expensive than a joint policy and means that you have twice the amount of cover.

Hope this makes things clear but any queries please let me know.

Answer 2

The sum assured will be paid out on the first death, nothing will be paid on the second death unless you have another policy. I assume that the policy is joint and will pay out on first death.

Answer 3

If it is a joint life first death policy it pays out

Second death policy pays out when the joint policy holder also dies, used for inheritance tax planning

Answer 4

Usually nothing, but you need to read your contract or ask your agent if you have any questions.  It could be that there is a premium waiver or some other trigger at the first death.  Usually not, but insurers can get creative with added benefits.

Edit: I answered this as a second-to-die policy.  If you meant a first-to-die policy, that is a different animal.  They are rare to find in the US and usually there are better options.  You may want to state your country and re-state the type of policy you are asking about.