Is a Joint Life Insurance Policy Right for You?

There are certain situations where joint life insurance might make sense. One reason to buy joint life insurance for married couples is to get affordable coverage.  “Typically, it is less expensive to get joint life insurance than two individual policies, and it can be a great option if it’s the only protection that fits your budget,” says Lepore. This type of policy can work for married couples who are only concerned with the financial burden of being a single-income household or taking care of needs after the surviving partner passes. 

However, be aware that in exchange for a potentially cheaper price, you’ll be taking on greater risk. “This strategy can backfire if one of the insured dies and leaves the other without coverage,” says Buenger. Another scenario where it might make sense is when one partner is not as healthy as they once were, says Sellitto. “If the other spouse or partner is healthy, the insurance company may still provide coverage to the less healthy person since the death benefit [in a second-to-die policy] is only paid once at the time the second insured dies.”

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