Life insurance plans help secure your life goals. They protect your family from financial stress in case of your demise. Traditionally, term insurance plans have always been associated with a single policyholder. However, with the evolving market and social dynamics, the need to insure multiple people in the policy arose to ensure comprehensive protection to families. Such plans are known as joint term insurance plan. They are especially popular with married couples. They offer life coverage to two individuals within a single policy. Read on to know more.
What is a Joint Life Term Insurance policy?
What are the types of joint life term insurance?
Why should you consider joint life insurance policies?
- Low premiums - Joint life insurance plans have low and affordable premiums and thus, does not strain financially while also securing two persons.
- Supplementary income - Some policies provide the added benefit of regular income to the surviving policyholder. When one of them dies, the surviving partner will be provided with a regular income (normally for 60 months) besides the death benefit. This ensures the financial security of the family with a supplemented income.
- Reinforces financial security- Especially for a nuclear family and young couples, it is beneficial to purchase this plan so strengthen the financial security of the family. Irrespective of whether both the spouses are working or only one is working, both of them should be insured. In case of any unfortunate event, the liabilities and obligations will be taken care of by the plan.