A Life Insurance Policy for Two.

Life insurance is designed to ensure that those you care about don’t suffer financial hardship upon your death.

As a basic premise, the policy’s death benefit will pay out upon the death of the insured in return for the payment of a premium.

Today, however, there are many different ways in which life insurance can be used as a financial planning tool. This includes insuring more than just one person on a single life insurance policy. This type of coverage is known as joint life insurance.

We offer this product from the top joint life insurance companies in the country. We also search each one of them to find you the best policy possible.

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How Joint Life Insurance Policies Work.

Joint life insurance policies are designed to cover two lives. These are typically purchased by married couples or partners in the event of either person’s death.

With a joint life insurance policy, just one single policy is purchased instead of two separate plans. This means that only one premium must be paid – and in many instances, the cost of purchasing a joint life insurance policy will be less than purchasing two separate policies.

Types of Joint Life Insurance.

There are different types of joint life insurance coverage to choose from. These can include:

  • First to Die – With a first-to-die policy, the plan will pay out a death benefit when the first covered insured dies. Typically, these plans are designed for paying the living expenses or other financial needs of the survivor. Oftentimes, first-to-die coverage can even be added to an already-existing life insurance policy.
  • Second to Die – A second-to-die policy – also referred to as survivorship life insurance – will pay the death benefit when the second insured on the policy passes away. These plans are often used with those who wish to pay estate taxes and / or those who intend to leave inheritance funds to their loved ones.

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.

Is It Right for You?

While this type of life insurance may not be right for everyone, it could provide the ideal solution for some.

We can provide you with joint term life insurance quotes, as well as quotes for joint whole life insurance protection. By working with us, you can get quotes from a variety of insurance providers – which will allow you to pick and choose the plan, and the premium, that works the best for you and your specific coverage needs.

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