Joint Term Life Insurance: An Option for Couples

Mickey | Financial Services | Tuesday, November 30th, 2010

By exploring the life insurance definition, you will come to understand the reason why life insurance is necessary.  The main idea behind life insurance is to provide a safety net on the family of the deceased. If someone dies, the loved ones left behind will be given the burden of taking care of the burial expenses. Having life insurance will ensure that loved ones of the insured will have enough money to cover such expenses.

There are several types of life insurance plans or policies depending on a number of factors. The two main life insurance kinds are whole life and term insurance. A special type insurance designed especially for married couples is called joint term life insurance.

Joint term life insurance is a type of group term insurance. This policy covers both the married couple. This is the more affordable option than getting an individual whole life insurance because you are only required to pay one premium. However, this policy also pays for only one death benefit. This means that whoever dies first between married couple, the insurance company will release the benefit amount only once.

Joint term insurance involves an insurance coverage for only a certain period of time. This coverage may either be for a short or long period. This can also be renewable depending on what is agreed upon with the insurance company. In general, renewable term insurance does not require any health examination results from the insured. This evidence of health conditions is a requirement before approval of insurance. However, when term life insurance is renewed, there is a strong inclination the premium amount will increase.

If you decide to acquire a joint term insurance for you and your spouse, take your time in finding an honest and reputable life insurance agent or provider. You should work with an agent who will to thoroughly explain to you the different features of their joint term insurance programs. It is better to compare rates and services of various life insurance companies before deciding on the right joint term insurance that suit your needs.

 

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