One plus one = Joint Life Insurance

Though an uncommon type of policy a joint life insurance plan can offer a less expensive option to multiple policies. A joint life insurance policy covers two people with permanent life insurance like whole or universal life. Written for two, typically in a spousal relationship or business partnership they are available with two death benefit options. A joint life insurance policy makes the most sense for young couples or business partners both of whom have no health problems.

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Why joint life insurance?

There are a number of reasons why a joint life insurance plan may be just right for youand your spouse or business partner.

  • Flexible: A universal joint life insurance can be modified as needs and change

  • A joint life insurance plan builds tax-deferred cash value

  • Accessibility: access cash value via policy loans or withdrawals to pay for a child's education, home improvements,or grow your business

  • Affordable: it's typically more affordable than purchasing two separate permanent policies.

  • Customizable: joint life insurance policy riders can provide you with a policy that fit your needs exactly

*This rates should not be considered to be, a recommendation of life insurance products of a particular insurer. Any rates listed above are for illustrative purposes only.

Joint life insurance comes with two types of payouts

  • First-to-die Joint Life Insurance

    While the names of the two types of joint life insurance plans may be a little jarring they are nonetheless descriptive. First to die policies mean that though both are insured the payout takes place only upon the death of the first of the co insured. No further payments are made and the policy is surrendered. This type of plan is frequently used if there are inheritance or estate taxes that will be owed by the survivor.

  • Second-to-die Joint Life Insurance

    In-second to die or survivorship policies the payment takes place only when the second of the co insured dies.This type of policy can be useful if a legacy is desired or needed to support an adult dependent for example.A joint life insurance quote can begin the process of exploring this type of coverage.


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A joint life insurance plan is right for you if...

You wish to insure both spouses or partners and you need to do it economically. You wish to allow a partner to purchase the deceased portion of a business or a spouse to deal with estate and inheritance taxes. A survivorship plan can also be useful in providing for a dependent child or differently abled adult.

The best way to begin to know whether this type of insurance is a correct choice for you is to begin with an appointment with an agent and a joint life insurance quote both of which you can find right here.

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