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Having a Joint Life Insurance cover has its advantages, especially for couples. This is because this policy essentially covers two lives. If either person dies during the term of the policy, the payout is same. Both partners are covered for the same amount. The important feature is this policy pays out only once.

What is joint life insurance?

This life insurance insures two lives in a single policy. If either you or your partner dies during the policy term your family members will receive a lump sum amount. Couples are required to live at the same address before applying for this policy.

Who is covered in a joint life insurance policy?

  • You and your spouse
  • You and your partner
  • You and your business partner

Will I be able to save money with this policy?

Instead of taking two separate policies you will opt for one joint policy which will help in saving the premium of one policy. This policy is very popular amongst couples as they get to support their families by leaving behind some financial support after their death.

Is it better to have single or joint life insurance??

This is the insurer's personal choice depending on their needs and requirements completely depending on the circumstances. Joint plans are always cost savers and provide you with the right amount of cover as a couple. It will consider both partners’ salaries, monthly expenses, and financial dependability.

How does joint life insurance work?

A joint life insurance policy is the same standard life insurance policy where you will decide your monthly premium and tenure of the policy. If you or your policy partner passes away, then your family members will receive cash payouts from your insurance company.

How much joint life cover do you need?

Identifying how much cover you need is a very important step before deciding to opt for a policy. If you pay little you will not get enough benefits that you are targeting for your family's future. First identify your families’ expenses, how much they need to live comfortably if you are not around.

How much mortgage do you owe? How many payments are still pending?

Check your personal loan or credit card loan and count your total debt. Check out the funeral cost, if you think your family members will have to struggle to pay this Once you cover this amount into the policy, you will give peace of mind to your loved ones.