What Is a Joint Life Insurance Policy?

 


What Is a Joint Life Insurance Policy?

Typically, a life insurance policy applies to one person. A joint policy, however, covers two individuals. Like an individual life insurance policy, the main purpose of a joint life insurance policy is to financially support your loved ones after you and/or your spouse have passed away. The beneficiaries can use the funds from the policy as an inheritance, debt repayment, or anything they would like. Although joint life policies are most common among spouses, you don’t have to be legally married in order to buy coverage. Joint life insurance policies are available to domestic partners as well as business partners, as long as you can prove insurable interest, like shared assets.

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