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What Is the Right Life Insurance for Couples?
Are you married? If so, it's a good idea for couples to purchase life insurance. You can list one another as beneficiaries and cover the immediate costs associated with a sudden loss.
Benefits of Life Insurance for Couples
Young couples that share finances can see the benefit of pooling their money to afford a home, vehicles, children, and higher education costs. If you or your significant other were to pass away, would you be able to stay afloat and keep up with your shared bills?
A life insurance policy can be used to pay off debt, make mortgage payments, cover funeral costs and more.
Types of Life Insurance for Couples
There are two main types of life insurance: term life and permanent life.
Term life insurance policies are usually more affordable than permanent policies., Term life policies cover the insured for a fixed term (most commonly between five and 30 years). Younger, healthier couples will typically pay lower premiums than older people will for a similar policy. Learn how much coverage you need.
Permanent life insurance covers you for your entire life, as long as you pay your premiums on time and in full. Permanent policies also build cash value. As with term life insurance, the longer you wait to purchase a policy, the more expensive it could become.
Joint Life Insurance
Joint life insurance policies such as first-to-die life insurance and second-to-die life insurance each cover two people under one policy.
- First-to-die life insurance pays out when the first person on the policy dies. After that, the policy is ended, even though both were covered.
- Second-to-die life insurance pays out when both policyholders have died. This policy type is best suited to those who want to leave money for children and heirs.
To learn more about your life insurance options, speak with a licensed agent at 1-800-966-7169, or read through some of our guides below.
- How Do Life Insurance Payouts Work?
- How Much Will I Pay for Life Insurance?
- What Size Life Insurance Policy Should I Buy?
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.