Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Joint Life Insurance – Perfect Solution for Life-Partners
When do we call a marriage to be perfect?
When are married couples addressed as the ‘best life-partners’? It’s when the sweet pair perseveres to become ‘wise financial- planners’; it’s a blissful wedding in real sense then. A loyal couple who wishes to spend life together, share their ups and downs in life will always search for a Joint Life Insurance apart from having single policies of their own.
Joint Life Insurance
It is the coverage offered to two or more individuals with benefit of death payable at the first death. Even though the premiums are a little higher as compared to the single policies (because the chances of meeting a death-claim are stronger for the insurance company), loving couples go in for joint life insurance to make each other’s life financially secure.
Term and Whole Life are the two examples of Joint Life Insurance. If you opt for the joint term policy, you tend to get death benefit with less-premium. Whereas, in whole joint life insurance policy you receive premium value and also the death benefit.
Joint life insurance policies are largely used by married couples and also business partners
As a matter of fact, Joint Life Insurance gives a specific type of coverage that suits quite perfectly to some type of symbiotic relationships or relationships that are interdependent.
Significant Role Played by Joint Life Insurance:
Joint Life Insurance plays a key role in providing a huge financial support to the other joint-partner at the time of first partner’s death, without which the joint-partner life would have been at mercy. With joint life insurance policy in hand, the joint or the surviving partner gets funds that strengthen the person to confront financial obligations in the form of raising kids or mortgage paying-off.
A married couple who shares a small business can make huge monetary profits by Joint Life Insurance policy structured to assure the safe and smooth business running, if one of the partners passes away pre-maturely.
There are various other joint insurance policies a variation on this theme too that differ on account of first death benefit. These joint insurance plans offer death-benefit at the time of second death, and not the first one. This type of joint life insurance policy serves well in the place where two individuals (with high -risk professions) carry identical interest in safeguarding the similar persons/assets.
A common example of second-death life insurance policies or Joint Life Insurance can be cited where the Joint Life Insurance is made as a trust for which the nominees are the insured couple’s children. On death of the second parent, the children are entitled to receive the death benefit without any legal process.
As a wise and caring married couple if you are planning to buy a joint life insurance, then you should always compare this joint life insurance policy type with the individual policy available options. Always think and contemplate your own situation and then buy the joint life insurance policy that suits you. Look out for an insurance provider that has a Joint Life Insurance package structured specially to cater to your unique needs and matching situation.