What Is Joint Life Insurance?

Joint Life Insurance

Ever wondered “What Is Joint Life Insurance?” Joint Life Insurance is a pretty popular option for married couples or life partners – basically you are insuring both lives, so if either person dies then the policy will pay out, although it will then lapse. You can only get the money once!

Joint Life Insurance is usually a fixed term policy so will remain in force for a predetermined length of time only.

Joint Life Insurance – Advantage

• Policies are often cheaper than paying for two separate policies, after all, there’s twice the chance of someone dying but only one pay-out.

Joint Life Insurance – Disadvantages

• As soon as one partner dies and the policy pays out, the remaining partner is left uninsured
• Two separate policies might not actually work out to be much more expensive (check it out)
• Two separate policies are easier to deal with in case of separation or divorce – things can get very tricky if there is joint life insurance, it’s just one more thing to potentially fight about
• Two separate policies are often easier to sort out inheritance tax wise.

So there you have it, the pros and cons, as it were, of joint life insurance. Next time you wonder “What Is Joint Life Insurance”, make sure that your loved ones will be taken care of financially if the worst comes to the worse – it’s the very least you can do.

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