Life insurance Is Joint Life Insurance worth investing?

Nite

Valued Contributor
Joint life insurance is a type of life insurance plan that gives coverage to two persons, be it your spouse, or your business partner. Here, both policyholders are the owners, as well as the beneficiaries under the policy.

It has low and affordable premiums, thus it won't strain financially while also securing two people. Both policyholders have to pay single premium for fixed period, and the payout is based on first death policy, meaning the payout goes straight to the surviving partner, making the payment process even quicker.

However, with the death of one policyholder, the whole policy gets expired. And the surviving policyholder must buy a new plan, if he/she wishes. One more thing, if in any case you and your partner decides to split up, the policy can't usually be divided.

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btaliat

VIP Contributor
With your explanation, this type of insurance policy is best important especially in a partnership business where the two or more than two business owners can team up to buy a joint life insurance and be paying for the premium hereby making the payment easier since the two of them will be paying.
 

AfriPeeps Official

Active member
From what you posted it is obvious people or online business people who are not into a joint or partnership Businesses may not benefit from this kind of insurance scheme. Definitely it is not meant for just anyone and everyone, as for me, I am not into a joint business but I still appreciate you for sharing the post.
 

Mandy96

Valued Contributor
I would say it is worth investing in, well it is based on the circumstances surrounding it. You can purchase this if you are doing with your spouse, probably your wife or husband. This is a way to express your feelings to each other and to tell the world that you both share true love
 

btaliat

VIP Contributor
The only thing about this type of insurance policy is that it may be causing disagreement between the purchaser except it the payment for the premium is from the business account and not individual. Aside this, termination of this kind of policy after the death of one partner is a thumb down for me.
 

Wisdom01

Valued Contributor
The type of insurance is still better because you would be getting your benefit at a specified period ,I think the only problem is that the person might be paying very high premium for coverage , because he is actually insuring risk against two people ,so expect a high premium,
 

btaliat

VIP Contributor
The type of insurance is still better because you would be getting your benefit at a specified period ,I think the only problem is that the person might be paying very high premium for coverage , because he is actually insuring risk against two people ,so expect a high premium,
Yes the insurance may be very expensive since it covers for the risk of two people. But it will be easier to pay since the two people may agree on how to be paying the money without any form of cheating. The only problem is that what if one person is not always cooperative.
 

Nite

Valued Contributor
Joint life insurance usually in most cases is cheaper than two separate individual life insurance policies for the same partners for the same sum assured. Therefore, if someone's budget is tight and buying two separate policies is economically difficult, then joint plan may help, as it would offer wider coverage compared to the single policy.
 

Good luck

Verified member
Joint insurance policy is not a bad idea because it is the combination of two people or more.the only advantage of this joint policy is that it will be at a reduced rate.the premium will not be as expensive as doing it individual,there will be discount in any policy one venture into.it is a very good and lucrative Policy.
 

sincerem

VIP Contributor
It's worth investing on, provided you and your beloved companion is going into it. Such is indeed an investment option for couples looking to take advantage of things that happens unexpectedly in life. With joint insurance policy, the couples will be protected depending on the niche they picked out, either in health, property, life etc insurance is an option.
 

Augusta

VIP Contributor
I think this kujd of insurance will be great for partner that will want to be together for life. A lot of plans for me works best for partners that believe nothing can break them up. So that they can actually benefits from this than them losing after a break up
 

Nite

Valued Contributor
With this type of insurance there won't be any financial strain, as it has low affordable premiums, plus you'll get the added benefit of a dual cover at comparatively low cost. In fact, this is the key reason for people to buy joint life insurance so that they could avail the low premium benefits.
 

Chibson

VIP Contributor
The truth is that joint insurance has advantages and disadvantages as the case may be. First of all, there must be a proper agreement between the two insuring parties. one advantage is that the premium will be lesser on both sides because they will be contributing and the other is that the compensation will be shared and therefore making it lesser if anything happens.
 
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