Features And Types Of Joint Life Insurance

Different types of life insurance plans are available in the market to suit the needs of every individual. If you are an elderly then the life insurance plan for elders will fulfill all of your needs. If you want to get life insurance for just few years then term life insurance is there for you. If you want to get life insurance coverage that even covers your funeral costs then whole life insurance plans or universal life insurance plans are there. And if you want to get a life insurance plan for you and your spouse then joint life insurance will fulfill this need of yours.

Joint life insurance is the single life insurance plan for both of the spouses i.e. husband and wife or both of the partners. There are many times when both of the spouses want to get themselves covered for life insurance so if any of them dies then the other one wont have to pass through sudden financial jerk plus this would also provide a great protection to the future of their kids. But getting separate life insurance plans is a very costly job so if you and your spouse want to get life insurance coverage then joint life insurance plans are best for you.

Here you must keep in mind that the premiums you will pay will be paid in joint installments and the amount your beneficiaries are going to receive will be the single joint amount. On the other hand if you get separate life insurance plan for you and a separate one for your spouse then you both would have to pay the premiums separately.


First of all the thing that should be understood is that joint life insurance is cheap in comparison to the individual life insurance plans. Next you need to understand that joint life insurance works in a way similar to the term life insurance. Next you need to keep in mind that the beneficiaries will only receive the total payout when one of the covered spouses dies.

Types of joint life insurance

There are two types of joint life insurance plans available in the market:

The first type of joint life insurance plan is known as first to die life insurance plan. This insurance plan works in a safe way for the beneficiaries as it pays the coverage on the death of the first partner. The only drawback of this life insurance plan is that the remaining partner would not be granted further insurance coverage after the death of the first partner so the second one would have to get a new insurance plan.

The second type of joint life insurance plan is known as the Second to die life insurance plan. These types of policies are usually cheaper than the first type as the premiums go on for longer duration. In such policies the coverage amount is only paid out when the second partner dies.

Joint life insurance is best for you if you are searching for a joint affordable life insurance plan but before moving further you must also keep an eye on the pros and cons of this life insurance plan.

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