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Joint Life insurance for Couples
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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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