Investigation of form IHT404: insurance policies and annuities
It is possible you may come across a life policy held in joint names on form IHT404. Often joint policyholders are married couples or civil partners (IHTM11032), but this is not always the case. Just because it is stated that a policy is payable or based on the lives of two or more people does not make it joint property.
You may also come across an annuity purchased in joint names.