When is the death benefit paid under a 'Joint First-to-Die' life insurance policy?

Question: When is the death benefit paid under a 'Joint First-to-Die' life insurance policy?

Answer options:

• When the last survivor dies. ✅ When the first individual of the couple dies.
• Only if both individuals die simultaneously.
• Every ten years until both have died.

Correct answer: When the first individual of the couple dies.

Explanation: Under a 'Joint First-to-Die' policy, the death benefit is paid upon the death of the first person. This is often used for mortgage protection or to provide for a surviving spouse.