Benefits and Considerations with Joint Life Insurance Policies.
There are many advantages to owning joint life insurance. These can include the fact that the premium is oftentimes lower than buying two separate policies. In addition, joint life insurance coverage can also often have more lenient underwriting – meaning that if one of the applicants has certain health issues, he or she could still be able to obtain coverage if the other is relatively healthy.
There are also some items to consider, though, prior to moving forward. For example, you could still need additional life insurance coverage when you own a joint life insurance policy. This is because all of your survivors’ financial needs may not be addressed due to the way in which these types of benefits are paid out.
In addition, if there are significant age and / or health differences between the insured individuals on a joint life insurance policy, it could end up that the younger and / or healthier insured may pay more than if he or she had simply purchased an individual life insurance policy. With that in mind, it may pay to shop around.