Searching for life insurance can get very confusing because of the lingo and of the various types available on the market. You easily find out that there is whole life insurance and term life insurance but this is not all. There are other more specific types of insurance available. One of these is the joint term life insurance. This type of insurance is usually bought by couples because it offers a number of benefits. Depending on your needs it may be useful to you also.
Joint term life insurance insures two persons at the same time but the benefits are paid only for the first person which will die. The other person will get the benefits. This kind of policy has the advantage of generally being less expensive and it is more advantageous for people who live together and share all the expenses. The joint term life insurance makes even more sense if you are a married couple and have children to take care of. If one of you sadly passes away before the children grow up and can take care of themselves, the one who is left behind will receive all the benefits making it easier for him or her to raise the child. Also this type of insurance is used as a mortgage protection. If you both pay the mortgage and one of you passes away you can use the benefits to pay off the debts. This type of insurance is also available and probably a good idea if you are a retired couple.
When you get a joint term life insurance you have to decide what will be the period of the contract. The most requested are 10 years and 20 years. The shorter one is a better solution if you have little children and a fresh mortgage while the longer one is better if your children grew up and you managed to pay a part of your mortgage already. Whatever term you choose, talk it over with your partner and see if a joint mortgage is the best solution for you.
A Joint Term Life Insurance will not enable benefits if the premiums are not paid but you can purchase a waiver of payments which means that if one of you has a terminal illness and cannot work anymore the premiums will still be paid. Getting life insurance is uncomfortable as you have to talk about the possibility of dying and practically admitting that it is just a matter of time. It is not nice but it is an important step which will finally bring more peace into your home. You can always consider buying short-term life insurance if you are not comfortable with joint term life insurance. You can talk about your possible options with you service provider as well.