Joint Life Insurance for Married - Is it a Good Option?
As you step into a new chapter of your married life, the bond shared between you and your partner is grows deeper by the day. With the unpredictability of life, it is ideal to prepare for the worst uncertainties the journey can bring for you or your partner.
For someone who has recently tied the knot of marriage, insurance companies have recently introduced joint life insurance policies for couples. A joint insurance plan is more economical as compared to buying two separate life insurance policies. With joint life insurance, you are financially protected in case something unfortunate happens to anyone of you.
Joint life insurance is life insurance offered to a couple, this ensures that one of the both is prepared for any uncertainty the future brings.
Benefits of Joint Life Insurance
The numerous benefits offered to a couple under the joint insurance plan are mentioned below:
- Life cover for both the partners
- It helps in planning for the future of the couple
- The insurance plan can be customized by adding riders
- Death benefit
- Maturity benefit
- A choice among flexible terms and premium payment methods
- A choice of the sum assured as per the lifestyle of the family
- It is cost-effective as compared to buying two separate policies
How Does Joint Life Insurance Work?
Joint life insurance can be taken by couples who want to prepare for the future. You can opt for such a policy at any time, as long as you meet the age criteria, regardless of the number of years you have been together. Such a policy can also be gifted to a married couple by their loved ones who want a secured future for them.
Joint life insurance is similar to general policies. The difference is in the small details, with most providers using the terms called principal life assured and spouse life assured. The principal life assured can be any one of the partners, and the spouse life assured as the other partner. Premiums on such policies can be paid regularly, as such with any other policy. In the joint plan, it is the principal life assured that chooses the main details like the tenure, the sum assured, etc.
In most cases, if the principal life assured passes away, the providers allow a waiver of the future premiums, and the sum assured is given out to the spouse. Most policies pay the assured sum if the surviving member passes away during the term of the joint life insurance policy, which helps in lowering the financial burden on the family members or kids.
Should You Opt for a Joint Plan With Your Partner or a Single Life Insurance Policy?
In most cases, people feel confused while opting for a life insurance policy, especially when it comes to choosing joint life insurance for you and your partner. A joint insurance plan offers better perks when compared to two separate policies for each of the partners. The premium charges for joint insurance is also low when compared to the charges on two individual policies. This helps in saving funds that can be utilized towards other future goals or plans.
Additionally, in the event of the demise of one of the partners, the other could get the premium payments for the future waived off. This helps in lowering the financial burden in the future on the surviving partner. Another advantage is that the cover is wider as compared to any other individual policy. This opens up the scope for a wide range of services compared to an individual life insurance plan.
Wrapping it up!
It is advisable to weight the utility and convenience of a joint life insurance policy against your needs and requirements before opting for any life insurance cover.