Joint Life InsuranceBoris Ultek2018-03-19T03:54:42-04:00
Joint Life Insurance
Losing a spouse can be a devastating experience. It is ranked as the #1 stressor, can increase the chance of getting seriously ill, and can mean a great reduction in household income. For many households, a partner would struggle to pay their expenses within a few months if the primary wage earner passed away. That’s why at Life Insurance Pro Canada, we offer joint life insurance at a lower rate than having two separate policies because we know how difficult losing a spouse can be.
Although most life insurance is taken out for a single person, joint life insurance is typically taken out by couples. Although last-to-die policies do exist, first-to-die is much more widespread and favoured by many. The reason for this is so that the surviving partner can pay off debts incurred, like a mortgage.
Since the surviving spouse may not be the primary income earner, the death benefit from a joint life insurance policy can remove the worry of financial difficulties. This payout relieves the unnecessary burden of debt when grieving.
After the death of your spouse, many providers will offer the chance to be protected by individual coverage, which could produce a second payout for your family. This payout can help leave a lasting legacy from both of you to your children.
While we never plan for divorce, it sometimes happens while both parties have joint life insurance. It can be troublesome to split a joint insurance policy into two separate polices, but we will strive to arrange suitable coverage for both of you.
So if you want to support your spouse financially after your passing, joint life insurance coverage may be perfect for you. We offer compassionate coverage to suit both of you and your families because we know how important they are. Contact us to discuss your plans further.