Consider the Benefits of Joint Life Insurance.

Consider the Benefits of Joint Life Insurance.

Taking out a joint life insurance policy is generally less expensive than two individual policies and offers some unique, strategic benefits. There are two options, identified according to the terms of the payout: joint first-to-die and joint last-to-die. Each has different uses, depending on your insurance needs.

Who needs it?
A joint first-to-die life insurance pays the death benefit to either spouse or partner, according to the policy details. The surviving partner can use the amount, without restriction, for whatever pressing financial needs they may have. Ask your Carte Financial Advisor to show you the many advantages of joint life insurance compared to individual policies.

If you’re in a business partnership where you must protect the survival of your company, a joint first-to-die policy is strategically smart. The death benefit can allow the remaining partner, or partners, to pay off debts, meet emergency needs, or buy out the deceased partner’s family. A joint last-to-die policy is valuable for estate planning. If you’re working with a tight family budget, you can still leave a financial legacy for your children. As well, a joint policy may be a good option if one partner has a health condition. This could make it difficult to get individual insurance.

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