First, let’s talk about Joint Life Insurance. Joint life is a single policy that insures two or more lives. It can be a term insurance contract or a whole life insurance contract. The premiums (amount paid for coverage) for this type of policy are typically less expensive than if two separate policies were purchased and for the same amount of coverage. This is a great way for a married couple to save on insurance premiums while still having the death benefit that they each need for the surviving spouse.
The premiums for this type of policy are based on a “joint average age” that is between the ages of the insureds. The death benefits are paid upon the “first death” only and no further coverage will be in force for the surviving spouse under this type of policy. Premiums based on this joint age are less than the total of 2 premiums that would normally be based on individual age, so it’s commonly found that joint life insurance policies are issued on married couples.
Joint Life insurance rates can vary widely from one insurance company to another, therefore you should carefully consider the quotes and policy details from several different companies before signing a policy contract. Make sure that the death benefits do not decrease, the premiums are fixed and that you can freely select a contingent (secondary) beneficiary in the event that both you and your spouse die simultaneously, as in a travel accident.
Consider single life insurance policies instead of joint cover. In previous years, it was often significantly cheaper for a couple to buy a joint life insurance policy than for each partner to insure their life separately. However, it may now only cost slightly more to buy two life insurance policies instead of joint cover. Doing so could provide your family with double the amount of protection, so it’s worth investigating both options before committing to either joint or individual cover.
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