Is Joint Life Policy With Spouse A Good Option?

​Traditionally, life insurance is designed to provide coverage to the primary breadwinner. But, the increasing need for insurance cover is also being felt by the spouse. An effective way to address this is to opt for a joint life policy. 

Joint Life Insurance
Joint life insurance is a comprehensive protection plan that provides you the opportunity to cover yourself together with your spouse in one contract. If one of you is not there anymore, this plan secures the future of your family. 

If you are a young couple who is starting family life, joint life insurance is also beneficial for you, particularly if you have outstanding loans or with small children. Upon the death of either of the spouse, the payment is significant compared to the amount invested in the life policy. 

A joint policy is also worth covering a non-working spouse because taking care of the kids and other members of the family could be a problem in the event of his or her death.

Benefits And Features
There are joint life insurance policies that give payment during the first claim basis. For example, the sum assured is paid when the policy ends and on the death of one of the policyholders. On the other hand, you can find some joint life policies that give payout on the death of both spouses respectively. 

You can also obtain additional benefits to some joint policies. For example, the policy will give a regular income to the living spouse if one of them dies. This continues for a fixed period for about 60 months, depending on the insurer. 

The regular income belongs to the death benefit payment that a surviving spouse may get. In addition, some policies pay an extra amount to the policyholder if the cause of the death of the other spouse is an accident. 

You may also add a rider to your base policy in the form of critical illness insurance. Moreover, the benefits you receive and the premiums you pay may qualify for tax benefits.

Talk to your spouse if buying joint life insurance is the best option for you. Also, consult with your insurance agent about the options and benefits that come with this joint plan.

At Keith Sanders Insurance Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (254) 235-8185 or Click Here to request a free quote.