Joint Life Insurance

We all care for our loved ones and want to protect them till eternity. But none of us know what the future holds and how soon the time may come when we are no longer around to support and provide for them.

 It is becoming increasingly important to be doubly insured where the working couple gets covered under one plan helping them plan their future in a better way.

Do people know this category exists at all? With the changes in family dynamics and better education facilities, a lot of women are now equally contributing to the household expenses. However, unfortunately it has been observed that, women don’t take most of the financial decisions, and this could be a reason why most working women even today are not adequately insured.



 Joint Life category on a whole is a very comprehensive class, as it offers to cover two lives under one single policy. Most policyholders who name their wives as nominees in the policies, gives them a good chance here to give name them as a joint policyholder.




A joint life insurance policy for a couple will prove to be more advantageous than an individual life policy. It helps save premiums, ie: cover two lives under one policy, charging only one premium.


Features
Joint life insurance policies usually pay out benefits on death of either of the partners after the death of either of the policy holders.. In the past, when people wanted to save on premiums, they often get or draw life insurance to the key person or main breadwinner of their family. However, that situation is fast becoming obsolete since both spouses are now working. Both of them are exposed to various risks, both of them need to be protected from uncertainties of life. Therefore, there should be some kind of measure to ensure that whatever may happen to either of them, there is ample cover for each.


Advantages
There are various types of joint life policies available in the market. One should buy the policy that suits their needs. Some policies pay out all benefits on death of either of the spouses, whereas some pay benefits in parts after the death of first spouse and so on. Most policies available are money-back or endowment kind of policies. This is the most unexplored category and life insurers should innovate and build further up on this as it is the need of the hour




Most of us choose life insurance policy which is affordable. Joint policies are a convenient way of covering couples. The cost of insuring two people instead of one is cheaper, which in turn affects the price of the policy itself. It is important to remember that the cost and coverage levels that come with joint life insurance cover can vary based on the provider and the plan you choose, as family dynamics and lifestyles are changing. If only one of you has life insurance cover, the peace of mind is only one way, as if the unprotected person dies first the surviving partner gets nothing. However, if you have joint life insurance cover, both parties are protected, so no matter which party passes away first, the other will get a payout to ensure financial security for the family.




A joint life insurance policy has a reasonable payment option that should never be underestimated or passed over. The policy can be more beneficial and an advantage to young couples who are just starting their life together. The payment received upon the death of the first partner is very significant in comparison to the amount invested in the policy. In all instances, joint life insurance is less expensive than an individual life insurance plan.. Even if the other person stays at home to look after the kids, it is usually worth having some cover for them as if they were to die, childcare costs could be a significant burden.




Apart from these benefits a joint insurance policy usually provides financial assistance upon diagnosis of a critical illness. Since this situation can cause a lot of stress that may affect your relationship and your family, it is always wise to be prepared for such serious problems that can affect a household in a very negative way as early as possible. A joint term life insurance is a wise investment in future security and financial stability.




It is a very crucial decision to choose your life cover out of various types available. It depends on the duration of your need; it can be until you retire or for a certain period of time only, say 10 or 20 years. One should also consider whether the benefit is indexed with the inflation or not. Also if there are any hidden catch to it, are there any exclusions and restrictions. In order to see these things, you can educate yourself by dong a little research, ask the help of an insurance expert, and finally, read the Product Disclosure Statement of your policy where all the details can be found.