Life insurance applications can be made on a joint basis, usually with a spouse or partner. The annual sum is payable on the first or second death of the lives assured within the term of the plan. It is usually recommended that a ‘waiver of contribution benefit’ is included – at a slight extra cost. This is to provide for premium payments in the event of long term ill health or incapacity. This commences after a waiting period, when premiums then are taken up by the insurer on your behalf.