Joint Life Insurance at Life

Joint Life Insurance. Joint life insurance normally works much the same as regular life insurance: Joint life insurance policies are designed to cover couples or partnerships in the event of either partner’s death.

Many people take out a life insurance policy to make sure that if they die, their loved ones will be able to financially support themselves. By insuring the lives of two or more business partners, the death benefit can be used to settle any business liabilities upon the passing away of a key. It is usually purchased by couples who want to cover themselves jointly under one policy.

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Joint life insurance typically pays out to a surviving spouse or partner when both joint policyholders die. Joint life insurance is typically permanent life insurance, which stays in effect as long as you continue to pay the premiums, not a term life policy, whose term ends on a set end date. You both need to be living at the same address to take a policy out. Benefits of joint life insurance