The Truths About Joint First-to-Die Life Insurance

First-to-die life insurance is a type of joint life insurance which allows you and your significant partner to pay the life insurance premium. Unlike the survivorship life insurance, first-to-die life insurance enables you to get the death benefits if your spouse dies first. And here are the truths about First-to-die life insurance.

  • First-to-die life insurance is only attractive for couples who want to use the death benefit to support their beneficiary, pay for debts, or donate to charity when one of them is no more.
  • You may not be able to split this policy if you and your partner end up in a divorce.
  • You and your spouse may pay more premiums if one of you have a terminal illness or smoke or drink alcohol. In sum, both of you will share the same risks and pay a single premium.
  • If you don’t trust your significant partner don’t go for this. We’ve seen situations where people are tempted to kill their partners so that they can enjoy the death benefit alone.
  • Getting a first-to-die life insurance policy is equivalent to owning a permanent life insurance policy. On the contrary, this policy is not for you if you want temporary coverage.
  • You are not saving any significant costs if you want to own first-to-die life insurance. Our findings have shown that the premiums on most First To Die Life Insurance Quotes are about 6% less than those of a getting a separate life insurance policy for you and your spouse.