Joint term life insurance is a form of life insurance that covers two people but only pays out its benefit once. This means that when one person passes away, the other receive the death benefit. The most common pairing that opt for joint life insurance are spouses, as it provides complete protection for their family.
- Young families who want to provide protection for the costs related to raising a child. These costs can be immediate, such as child care, or more long term like saving for post secondary education.
- Couples taking on a mortgage so that they could continue their payments regardless of losing either income.
Joint term life insurance is a popular alternative to mortgage life insurance as its benefit never decreases. In retirements, where income is provided in the form or an annuity or pension, a joint term life insurance policy can provide additional financial security. It is important to remember that what appropriate coverage is depends on your own individual circumstances, and connecting with a broker is the fastest way to learn if this is a suitable form of insurance.
Speaking with a qualified insurance professional allows you to ensure you are indeed considering the most important factors. LifeCover.ca specializes in connecting you with qualified professionals dedicated to getting you the best coverage available. By simply sharing some basic information with us and based on your needs, we will match you with an insurance professional. The no obligation quote you are provided with is accurate and personalized and makes shopping for life insurance that much easier.