Joint term life insurance policies are based on a concept known as “joint first to die”. What this means, is when the policy is taken out, it is actually meant to insure two different people, but the term life insurance policy
only pays out one single time. The term life insurance policy is payable only upon the death of one of the two policyholders, but not both. In other words, this is not the ideal term life insurance policy for everyone, but it is still well worth looking into when appraising what your situation is, and what types of term life insurance prices and rates meet your needs.
Finding the right joint term life insurance plan has a lot to do with matching term life insurance quotes to your needs and your situation, as well as the situation that your loved ones are currently going through. Before you begin to look at term life insurance quotes online, you should keep reading this document to determine if this type of insurance is something that will benefit you, or if something other than joint term life insurance is better suited for your needs and desires.
There are several different events that should have you considering joint term life insurance quotes:
Couples buying a new home – One of the most popular events that may lead you to check out term life insurance prices is when buying a new home and taking out a new mortgage. Life insurance policies like these ensure that the spouse who survives will still be able to maintain the mortgage, paying off any other debts in the process as well. If one of the two policyholders passes away, joint term life insurance will protect the other policyholder, allowing him or her to continue dealing with bills and mortgages without falling behind on payments. New homebuyers may also be able to save a significant amount of money when looking at term life insurance prices, so it is well worth exploring.
Couples having a child – Having children can be an expensive proposition, which is why a lot of new parents can find themselves benefiting from exploring joint term life insurance quotes. Joint term life insurance can be used to pay for a variety of different expenses, including but not limited to tuition costs and childcare, should a spouse pass away before the children have grown completely. Couples who are having children can definitely benefit from exploring joint term life insurance prices, as this may be the correct product for them.
Couples who are retiring – Joint term life insurance can actually serve as an outstanding complement to traditional retirement plans, because this form of life insurance provides a number of additional options to couples who are purchasing annuities or who plan to. Couples who plan on retiring soon or at some point in the near future can benefit from exploring what joint term life insurance quotes have to offer them. While joint term life insurance prices vary, exploring your options will allow you to at least see what is available, even if you do not end up exploring those opportunities for joint term life insurance coverage.
Joint term policies most often come in both ten year and twenty-year terms, which are more commonly referred to as Term 10 life insurance, and term 20 life insurance, respectively. Shorter joint term policies are renewable, depending on how your needs have changed over that period of time.