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| ABOUT JOINT TERM LIFE INSURANCE |
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Joint term life insurance allows you and your spouse the opportunity to be in a program that covers both of you under one plan. It's the most affordable type of group term life insurance because you are both covered under the same plan and you only pay one premium. Since the program covers both you and your spouse, Joint term life is an economical way to provide the protection your family needs. This is a simple and inexpensive form of a protection policy that pays out the predetermined lump sum in the policy if the policyholder dies. Term coverage is usually available on either a single or joint basis. Some joint life insurance plans also have additional benefits such as paying out as a diagnosis of a terminal illness is made during the policy. If the policyholder stops paying premiums at any time, the coverage lapses and has no value.
Joint term life insurance insures two people at the same time, but the policy’s benefit is only paid out once, when the first of the two joint policy holders dies, to the surviving partner. The most popular use of joint term life insurance is for mortgage protection. A joint life insurance policy ensures that upon one of your deaths, the surviving spouse will be able to maintain the mortgage and pay off other related debts. Joint life insurance can be used to pay for expenses like childcare. A 10 or 20-year policy are the most common term lengths for joint term life insurance coverage. Retired couples also benefit from a joint term life insurance plan. If you’re retired and are considering joint term life insurance, you can choose between a single-life plan or a last-to-die annuity. |
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