Joint Life Insurance

Published: | Updated: January 3, 2017

Definition - What does Joint Life Insurance mean?

The term 'joint life insurance' usually refers to a policy for a couple or two people, who in the purchase of the policy are intimately involved, usually in the legal context of marriage. On the other hand, a joint life insurance can also be enjoyed by two business partners.

Insuranceopedia explains Joint Life Insurance

Instead of buying two policies, a couple can buy a joint insurance policy. The policy provides the compensation once a partner dies or it pays for one death only and that means the first one. The survivor is no longer covered. A couple might decide to opt for this because it is cheaper than buying two policies.

A problem might arise from a future complication involving the couple or partnership such as a divorce or the shutdown of the business. The insurer might not provide the coverage if the death happens when the relationship has already been dissolved.

How Well Do You Know Your Life Insurance?

The more you know about life insurance, the better prepared you are to find the best coverage for you.

Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.

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