Joint Life

If you are married and are looking for life insurance that is affordable and offers great benefits, you may want to consider getting joint life insurance coverage. With this plan, you won’t be faced with doubled premiums or term benefits that only last for a certain amount of years. With joint life insurance, also known as Survivorship, you will receive one policy that will take care of whoever is left behind. This policy is ideal for spouses who have children, a mortgage and/or other bills that need to be paid.

Why You May Need a Joint Life Insurance Policy
A lot of times, spouses will take out a large life insurance policy on the partner that makes the most money and a 20 year term insurance policy on the other partner. This ends up costing a lot more, especially if the couple has health conditions and/or are older. Spouses who are both working, have children and have a mortgage tend to buy an individual whole life insurance policy or term life policy for each partner.

Who Can Be On a Joint Life Insurance Policy?
The joint life policy can be used for spouses and two or more business partners. This coverage is also known as First to Die. Just as it sounds, the cash value of the policy will be paid out to the beneficiaries when the first of the individuals on the policy dies. The money rewarded is usually used to pay off a mortgage, business loan or to provide for dependents.

Survivorship Life Insurance
Another version of joint life coverage is Survivorship. This means that the cash value pay-out won’t be given to beneficiaries until the second or last person on the policy dies. You may want to get this policy if money won’t be needed if one of the spouses dies.