Can I Buy Joint Life Insurance Coverage?

It is certainly possible to buy joint life coverage with your spouse or partner. This is an especially smart move, in fact, if you and your spouse are maintaining separate life insurance coverage at this time. This simple change can end up saving you money and can also help make certain that you are both covered in case something happens to the other partner.

As with individual life insurance coverage, joint life coverage allows you to choose between whole life insurance, which builds cash value but has a lower overall policy payout, and term life insurance, which does not build any cash value but which has a much larger overall policy payout upon the passing of the policy holder.

You can also select one of two types of joint life policies:

First to Die: This policy will be paid out, in its entirety, to the surviving spouse. If you mainly want to make sure that your partner (or you, if your spouse passes first) is cared for financially after your death, this might make the most sense for you.

Second to Die: These policies are a bit different because they actually aren’t for you or your spouse, but are rather meant for your children or other beneficiaries. When the first spouse dies, the remaining spouse will receive nothing. This policy will not pay out until the remaining spouse has also passed away. This type of policy would be good for you if your main goal is leaving behind money for your children or other beneficiaries.

Don’t risk being without the life insurance coverage you and your partner need. Our agents can create a policy just for you and your spouse, with any limits you require. Call us or contact us via our website anytime to get a free quote!