Joint Life insurance for Couples


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Lipika
Knowledgeable and helpful
Very knowledgeable and helpful in determining the best plans for my son and I and he took the stress out of the process. Fully explained all of the options available to me, and answered all of my questions. I know that I made an informed decision about my health coverage.
Franz T
Skeptical to believer
First I was skeptical about high reviews but anyways PolicyAdvisor. I could see that they are trying to give best details they have and guide us to choose policy rather than selling it. Rarely I type in reviews. I can say that PolicyAdvisor is worth getting these high reviews and I would highly recommend them.
Meenakshi N
Excellent service
Thank you for the excellent customer service. You’ve been very supportive in all our questions. After the video call, he didn’t really push to sell. We appreciate your time, and support in giving us updates and follow-ups and phone calls until we got approved.
Jessa Y
Genuinely Cared
My advisor genuinely cared about making sure I was comfortable and informed throughout the process, and patiently answered my many questions. He also always followed up to make sure I was up to date on my application process.
Jessica F
Simpler than expected
Answer all our questions in a timely manner, and the process was much more simple than I was expecting. We had our life insurance sorted and approved within a few days. I really like that they did the comparisons of policies for us.
Joanne V
Life Insurance made easy
Was looking for a life insurance policy and the search was exhausting by conventional means, until I found PolicyAdvisor. My representative was excellent, and explained all my options and preferred quotes. Life Insurance made easy, thank you all at PolicyAdvisor.
Pedro
Unbiased advice
If you’re looking for best rate and an advisor, I would highly recommend PolicyAdvisor. They are expert in finding the best insurance provider. They are reliable and give unbiased advise. I’m glad I came across Policy Advisor online as they helped get my insurance approved.
Zeny D
A walk in the park
I was able to derive a personalized quote within a minute. From there on it was as smooth as taking a walk in the park. I did not have to wait in long lines, could chart my progress, and had full control of my application.
Mayank
Super easy
I’d previously reached out to one of the big insurance companies directly but found them so unresponsive and uninterested. I’m glad we found PolicyAdvisor. They made comparing options easy so we found something that worked for our needs.
Lindsay
What is joint life insurance?
A joint life insurance policy covers two or more lives.
A joint life insurance policy covers two or more lives. It is usually purchased by couples who want to cover themselves jointly under one policy. There are slight cost savings, and – arguably – it is less complicated as you both apply at the same time.
However, it is not as flexible as individual life insurance.
With individual policies, the type, term length, and death benefit can be customized, and the policies will pay out individually which can be of extra help to your dependent beneficiaries.
Several Canadian insurance companies also offer discounts when you and your special someone apply together for individual policies.
For those reasons, we generally recommend you look at an individual or multi-life insurance policy for yourself and your partner when contemplating your coverage needs.
Which is better for couples:
Individual coverage or Joint First-to-Die life insurance?
POLICY |
JOINT FIRST-TO-DIE LIFE POLICY |
INDIVIDUAL TERM POLICIES |
---|---|---|
Number of contracts | One common policy contract covers both the insured | Two separate policies are issued to cover each of the insured |
Coverage amount | Same coverage amount for each of the insured | Coverage amounts can be different and personalized for each of the insured |
Coverage term | Same coverage term for each of the insured | Coverage terms can be set separately |
Premium cost | Premium is cheaper by approx. 7-10%, for the same coverage amount and term | Premium is higher vs. joint policy by 7-10% |
Post-claim | Policy expires, once a claim is paid. | Surviving spouse continues to be insured, even if a claim is paid |
Survivor coverage | Surviving spouse can request for:-new coverage with medical underwriting -continued coverage without medical underwriting through conversion into a permanent life insurance policy, albeit at higher premiums | Coverage continues for surviving spouse, even if one claim is paid |
Coverage after divorce | Can request for individual coverage after divorce of dissolution albeit at higher prices | Individual coverages can continue without any change |
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