The search for the right life insurance policy is often tedious – so many plans to choose from and so much to understand. One way to simplify the process is to seek joint life insurance quotes. Joint life insurance insures two people with one policy or, couples life insurance. This type of policy offers two coverage options: first-to-die insurance and second-to-die insurance.
First-to-die insurance coverage insures two people, such as a married couple or business partners, and pays out when one person on the policy dies. A policy like this helps protect the investments of the partnership in the event one of the partners dies. For example, if a spouse dies, the other has enough money for mortgage payments, debts, family needs and medical bills.
First-to-die coverage is often offered as an add-on to an existing policy and may allow for two lives to be covered at a lower cost.
Second-to-die life insurance
Second-to-die policies, also known as survivorship insurance, pay the insurance benefit after both policyholders have died. This type of insurance is generally life insurance for couples who want to leave a large inheritance to heirs or by those whose families may not need extra money following the death of the first insured.
Pros and cons of joint life insurance