If you and spouse are ready to get life insurance, why not buy a joint life insurance? And if you are just hearing about joint life insurance for the first time, we have answered some frequently asked questions about it.
What is the joint life insurance?
It is basically a life insurance policy that is made to provide coverage to couples or partners in the event that one of them dies. Joint life insurance has two types. Read more.
What are the two types of joint life insurance?
The first type is known as the “first death” policy and it pays when the first death happens. With the “second death” policy, the life insurance company pays the death benefits after both partners are dead.
What happens to the joint life insurance after a couple divorces?
The benefits from the joint life insurance will be split equally between both partners. However, both partners must have been divorced for a particular period of time determined by the life insurance company.
What are the advantages of joint life insurance?
It is a low cost option of life insurance especially when compared to individual life insurance policies. Also, joint life insurance will pay out the death benefit to the surviving partner regardless of the spouse that dies.
Is joint life insurance only for married spouses?
No. Partners running a business together can also buy joint life insurance policy to secure their business interests.
How do I get a joint life insurance?
You and your partner will have to consult a professional insurance expert to ensure that you get a great plan at a fair price. You can get in touch with us to help you.