State Farm Life Insurance has introduced Joint Universal Life (JUL) insurance to provide affordable life insurance coverage under one policy for two individuals.

As a flexible premium life insurance policy, JUL comes with a death benefit payable at the first death of two insured lives in most states and Canada.

The product aims to assist households to meet liabilities and the desire exists regardless of who dies first and also provides funds for the business continuation market through death benefit, upon the first death.

To meet specific needs, the insurer can customise the policy by adding term riders on either insured and can also have the availability of loans and withdrawals with the policy build account value.

State Farm Life Insurance Company chief administrative officer and senior vice president Joe Monk said: "It gives customers the flexibility of a permanent life insurance product with living benefit features at a more affordable price to households, business owners and others."

JUL also provides permanent life insurance important benefits and enables the customer to purchase one death benefit regardless, of purchasing insurance on insured death.