Advantages Of Including Your Spouse In Your Term Insurance Plans
Term insurance plans are the ones that enjoy greater popularity among people because they have simple payouts, along with assured sum pre-determined when the policy is bought. The benefits of such an insurance policy can be enhanced further by adding your spouse as a policyholder, as well. Many term life insurance plans let you add your partner in the insurance plan. If the spouses are policyholders together, such insurance policies are called joint term insurance.
Most insurers provide policyholders the choice of getting term insurance plans with the partners. A term plan that is held jointly comes with multiple advantages for both the spouses.
With that being said, given below are the main advantages of including your spouse in the insurance plan.
Assurance Of An Increased Sum
Beneficiaries like children will get a higher assured sum when you choose joint insurance plans for the spouses. Make sure that you choose term plans that assure payment for both the spouses instead of only one. Opting for such an insurance plan ensures that when one of the spouses meets with their demise and the respective assured sum gets paid, the beneficiaries can still get the assured sum upon the other spouse’s death.
An Increased Level Of Convenience
Another important factor that most people are scared of when purchasing insurance policies or while making some type of investment is all the paperwork that it involves. But, when it comes to joint insurance plans, completing paperwork is pretty convenient. You will not be facing any hassle when it comes to documentation. Such insurance plans can be easily bought with maximum convenience and minimal paperwork.
Availability Of Affordable Premiums
The term insurance plans are known to be one of the cheapest among life insurance. But, the premiums to be paid on a single term policy that covers just one partner is considerably higher compared to all those premiums paid on joint insurance plans. When you are a couple, it’ll be financially more viable to go for one joint insurance plan that can give coverage to the partners together, instead of paying for two different term plans.
Relinquishment Of Insurance Premium
There is another crucial reason why the joint insurance plans are favored for the couples over two different term plans. In case one of the partners dies, the other person gets a premium waiver. It means that the other person no longer has to pay insurance premiums for keeping the plan active. Though they will not pay any premium, the spouse still gets the benefits of the policy. The dependents of the couple will get to claim the assured sum on their demise, too.
The Bottom Line
So, there is no denying that a joint insurance plan is more advantageous than purchasing two different policies for the partners. However, if you still have doubts regarding what’s right for you, try to figure out your requirements before looking for an insurer. Make sure to consider all the joint term insurance plans offered by an insurer before making a decision.