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What is Joint Life Insurance?
Joint Life Insurance amalgamates the mortality rates of the policyholders through mathematical formulas to issue a single policy that is, in most cases, less expensive compared to purchasing separate policies for each person. This is unlike Combined Life Insurance policies which provide only minor savings when a couple purchases individual policies from the same insurer at the same time.
Applicants for Joint Life Insurance do not have to be married. As long as there are sufficient reasons to insure the life of the other applicant, insurers will provide coverage. You can even purchase Joint Life Insurance with a business partner to settle liabilities after either person’s death.
Life Insurance safeguards your dependents from financial hardships following your passing. Life Insurance is a necessity if your spouse and children, or other individuals you care about, depend on you financially. Your policy provides you with peace of mind that in the unfortunate event of your death, your loved ones will be able to maintain their quality of life.
Depending on your chosen coverage, your Life Insurance policy can help offset or completely cover the costs of a funeral and any debts you may have, as well as provide your beneficiary with a source of income.
As an added benefit, if you need access to funds, certain policies will allow you to withdraw your accumulated premium payments. However, the amount paid out in the event of your passing will decrease if you do not the repay the withdrawn amount.
Through actuarial mathematical formulas, the insured individuals’ data is combined to form a single individual on whom the price of the policy will be based.
Let’s assume a husband and wife, both healthy and 40 years of age, purchase a First-to-Die policy. Their premiums will be similar to a healthy 46-year-old male on an individual Life Insurance coverage with the same benefits as theirs. The amalgamated age of the couple is higher than their average age because the probability of either of them dying early is higher than that of both of them passing away early.
If the same couple purchases a Last-to-Die policy, their combined premium will parallel that of a healthy 31-year-old male. In this case, their amalgamated persona reflects the likelihood of at least one of them living a long life.
A beneficiary is an individual who receives the cash value of your death benefit. You will be required to name such a person when you purchase your Life Insurance plan. If you so wish, you can name multiple beneficiaries and divide the cash value of your policy among them either equally or according to a set percentage. If a beneficiary passes before you do, you can elect a contingent beneficiary in their stead. You may also choose a charity as a beneficiary.
Types of Joint Life Insurance in Canada
There are two types of policies you can purchase under the Joint Life Insurance umbrella:
How to Save Money on Joint Life Insurance?
The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.
Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.