What is the main benefit of having a joint life expectancy in survivorship life insurance?

The main benefit of having a joint life expectancy in survivorship life insurance is that it generally leads to lower premiums due to the extended life expectancy of the insured individuals. In survivorship policies, coverage is provided for two individuals, and the policy pays out only after the second person passes away. Given that both individuals are typically expected to live longer together than if they were insured separately, this reduced risk can lead to lower overall premiums.

Since the death benefit is delayed until the death of the second insured, insurers often calculate premiums based on the longer life expectancy of both individuals. This effectively spreads the risk over a longer period, which can translate into lower costs for the policyholders compared to having separate life insurance policies for each individual.