What type of life insurance would be most affordable for twin brothers starting a business together?

Joint life insurance is designed to cover two lives under a single policy, which can be particularly beneficial for partners who are starting a business together. This type of insurance typically costs less than purchasing two individual policies, making it a more affordable option for the twin brothers. Joint life insurance can provide financial security to the business in the event that one partner passes away, allowing the surviving brother to continue operations without the burden of significant financial loss.

Moreover, when both brothers are insured under one joint policy, they may also have the opportunity to secure higher coverage amounts at a lower cost relative to two individual policies, which often require higher premiums for equivalent coverage. Thus, choosing joint life insurance aligns well with their shared financial and business interests, providing both protection and affordability.

In contrast, whole life and universal life insurance products tend to involve higher premiums and a cash value component that may not initially be necessary for the brothers just starting their business. Individual life insurance policies would require them to pay for two separate plans, which may not be a cost-effective solution at this stage.