Posts Tagged ‘joint life insurance’

Joint Life Insurance – Understand What This All About

Saturday, October 29th, 2011

Joint life insurance is a type of policy that is ideal for couples that want to be insured but can only afford to pay for one. It allows them to invest in one policy regardless of who will pass away first. It is a cheaper means of ensuring that your remaining spouse and children will be left with something in the event of a sudden death. It helps pay for the funeral and burial costs, the payment of remaining debts and other taxes that may be incurred. With this insurance, you can choose between two types of life insurance policies: the whole life insurance or the universal life insurance.

In getting a joint life insurance the pair has two choices. The first to die policy and the heir or perhaps second to die insurance policy. The First one to die means that only one of the policy owners has to pass away for the benefit to be claimed. This will help to the surviving partner to manage the medical expenditures and secure the family till such time that he or she is ready to shoulder the lifestyle on their own.

The other option demands both policy owners to pass away before the insurer could release the benefit. This is definitely an option in the event the couple intend for the benefits to go directly to their kids. In the event that the children are still young, it goes to a trust fund that they may claim once they come of age. The objective of this policy is to always ensure that the kids are well taken care of regardless of whether both parents have passed away.

Investing in a joint life insurance is not quite as easy as you would imagine. Considering the fact that insurance agents will get more commission for individual insurance policies, expect that they’re going to shove to steer you from your decision to have a joint one. Just be firm into your choice and instruct your insurance agent to present you the facts for the purpose you need. Be sure you get in touch with an agent that is certainly a part of a highly regarded company. It’s not all who pose as insurance agencies are certified. To be assured, get verification that they are reputable. Once you meet your agent, you need to tell them your financial and health information, because these are conditions for your insurance policy application to be approved.

Usually, joint life insurance policies will require you and your spouse to take medical exams. This includes inquiring on your medical history and getting urine, blood and blood-pressure tests. Not to worry because the insurers normally cover the costs for this exam. When you have all the requirements, you can proceed to fill out the application form. The application usually requires you to pay for the first month premium so be ready with some cash or at least your checkbook.

Joint life insurance is ideal for couples but you need to read the fine print to make sure it will give you what you require. This policy is not flexible so think carefully about how much you intend your beneficiaries to get after one or the both of you are gone. Compare the different plans and do not hesitate to contact other agencies if you are not happy with what your current agent is showing you. Make sure that you entrust this policy with someone who will take care of your children well. Also, take time to explain to your kids the protection that you have given them.

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Your Family And Joint Life Insurance

Thursday, July 29th, 2010

Joint life insurance is an insurance policy with its good sides and bad sides. If you are a couple thinking about getting one, then you need to compare this policy with a single type policy. It is even possible to find a provider with a joint policy option that is suitable for you. So don’t stop checking them out until you find the one that suits you best.

Like most people you want a joint life insurance so you can have some sort of assurance that your family will have at least some sizable fund at their disposal when you are no longer around due to death. However, just possessing a joint life policy should not be the only thing you have as you can also set up a family trust to achieve this goal.

This trust will augment joint life insurance and also ensure that one’s assets are transferred to your family members or beneficiaries when the time comes for this to be done. A major benefit that you have with this type of insurance is that it is often less expensive compared to two single life insurance policies.

One other benefit you can get from this insurance type is the fact that this will provide money to the partner; who survives the death of his/her spouse to help meet various financial obligations such as: mortgage payments and other expenses incurred in meeting the children’s needs.

Two common types of joint life policies are term and whole life. If you go for a joint term life policy, then you will be paying less premium and only look forward to a death benefit at the end of the day. However, with a whole life variant of this type of insurance you are entitled to payment of the premium value and death benefit.

Now going back to the trust option mentioned earlier it is possible to supplement your joint life option with the creation of a family trust. The trust, also known as inter vivos or living trust is created while the person is alive. It simply involves giving your property or assets to a trust that has been created by you and this is then held and also managed by a third party you have chosen.

Some benefits of family trust are: being able to protect your estate from likely financial liabilities since ownership of this estate is now the trust; possibility of reducing tax payment and also being able to avoid probate proceedings.

Lastly, a major downside that a joint life insurance policy has is what happens whenever divorce takes place. To this couples have been advised to also have single life policies together with joint policies.

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Joint Term Life Insurance: For The One Left Behind

Saturday, June 5th, 2010

You are plenty of polices to choose from if you want life insurance. When choosing the issue is not whether there is a policy to meet your needs but defining exactly what your need is. A joint life insurance policy might seem attractive and it may meet your needs. However understand exactly what’s on offer before you buy.

Joint life policies can be either a term policy or a whole life policy

Term life policies as a general type of insurance refers to a policy taken out for a specific term, with a defined premium and an agreed face value or death benefit if the policy owner dies.

Whole life policies remain in place for the whole of the policy owners life at which time his or her heirs get both a death benefit and most of the accrued value of the premiums paid.

The dual nature of joint life policies is that they can be purchased as a joint whole life policy or as a joint term life policy.

What do these policies really offer?

These policies are usually bought by either a married couple or a common law couple. They are designed to help the surviving partner cope with all the expenses of a mortgage and of child rearing now one partner has died. What the surviving partner gets depends on whether the policy is a whole life one or a term one. A whole life policy will give both a death benefit and return of premiums minus admin costs. The joint term life policy will pay only a death benefit but the premiums will have been cheaper.

People often want to make sure the financial well-being of their family is protected when mortgage payments and child rearing responsibilities are at their heaviest and a 10 year joint life policy with defined premiums will meet this need. Your insurance company will let you renew when your term life policy runs out, but most families let the policy lapse once that time of maximum financial vulnerability is past. Most families with these policies think the value of the premiums is wort it to ensure their peace of mind during the term of the policy

The cost of covering a mortgage can be considerable. Joint term life insurance is often taken out by a couple to insure against one partner having to meet that cost on their own. For this reason joint term policies are often also called mortgage insurance.

Who buys these policies?

While families with young children are the most common buyers of these policies, they are not the only ones who take them out. Couples in their retirement can also choose a join term life policy. After all if one partner dies then the retirement lifestyle the couple have established can be at risk.

The term of a joint term policy can be 1 year, 10 years or longer. A 10 year policy is very attractive to a young family but if there are going to be college expenses needing to be paid in future they may want a 20 year or even a 30 year policy. A quote from a reputable insurance company will let you know what kind of premiums you will have to pay and then you can assess what works best for you, taking the family budget and needs into account.

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