Northwestern Mutual's second-to-die or survivorship life product. Benefits are paid upon the second death. Generally, taxes and administrative costs may be waived at the time of the first estate owner's death but must be paid after the second co-owner's death. JCL is in place to pay proceeds to cover these costs that must be paid after the second insured's death. JCL is blended product comprised of a permanent base and an optional term component. Over time, the term component is replaced with paid-up additions. The paid-up additions may be purchased by dividends, additional premiums and/or lump sum payments.

The ownership of property by two or more individuals, typically with the right of survivorship.

Two or more individuals have ownership rights. There is no limit to the number of co-owners (joint tenants). Each co-owner owns an undivided fractional interest in the property. The co-owners' interests must be equal in amount.

A type of annuity settlement option which guarantees a lifetime income for two or more persons.

A life insurance or annuity settlement option that allows the beneficiary to have the death proceeds paid out in the form of a joint and last survivor annuity.

Life insurance placed on the life of a child, typically 0 to 18 years old. It is advantageous for several reasons: premiums are never lower (since they are based on age), whole life premiums are guaranteed to remain at that level, the cash value also has longer to build and, with the Additional Purchase Benefit, juvenile insurance can be used to ensure future insurability. Premiums are typically paid by the parents, and, very often, by grandparents. Life insurance policies are often gifted to the insured child upon reaching adulthood, marriage, or some other significant event.