How do premiums for a survivorship life policy typically compare to those for a joint life policy?

Premiums for a survivorship life policy are typically lower compared to those for a joint life policy primarily because the death benefit is paid out only upon the death of the last insured individual. In essence, a survivorship life policy covers two lives but does not trigger a payout until the second insured individual passes away, which extends the period over which the insurer collects premiums and minimizes the risk for the insurer.

This longer lifespan before a claim is made generally leads to lower premiums since the likelihood of the insurer having to pay out is reduced, as payouts are concentrated on the last death instead of potentially occurring on either individual's death as in joint life policies. As a result, premiums reflect this reduced risk.

In contrast, joint life policies pay out upon the death of the first insured, meaning there is often a more immediate risk for the insurer, leading to higher premiums in comparison to a survivorship life policy.