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Australian Link Directory  - Article Details

Joint Life Insurance Policy

Date Added: March 26, 2010 06:35:08 AM
Author: Alex
Category: Business and finance: Banking and finance
A joint life insurance policy is a way of providing insurance cover for two or more people while paying only one premium. If you are thinking about joint life insurance, it is important to consider the age of each person, since young people could end up paying a higher premium for joint life insurance than for separate life insurance cover. A joint life insurance policy has its pros and cons. Some benefits of a joint life insurance policy are: Most joint life insurance policies offer lower monthly premiums. Since a joint life insurance policy is more flexible assessment criteria, it may be easier to qualify for, meaning it may be easier for someone with health issues to purchase insurance cover this way. Joint life insurance protects survivors from financial dramas, making it the ideal insurance cover for those with small children. You won’t have to worry about keeping the family home or about your loved ones being financially crippled. A joint life insurance or income protection policy will give you the peace of mind of knowing your family will be looked after in the event of your death. A joint life insurance policy pays a lump-sum benefit upon the first death among the policy-holders. Depending on the type of joint life insurance policy, there may be an additional pay-out of the policy’s cash value. Exact coverage amounts and specifications vary among insurance companies and your joint life insurance policy could contain some additional benefits like a waiver of premiums. Also consider the disadvantages of a joint life insurance policy: • Young people may pay higher premiums • Benefit amounts cannot be changed • Terms years of coverage are inflexible • Face value of the joint life insurance policy cannot be changed • If you have a term joint life insurance policy, the cost to renew it at the end of the term may be prohibitive A hassle-free way to find the right coverage for you is to get several free online insurance quotes and compare the deals offered by different insurance companies. When you find a suitable joint life insurance policy consult with an adviser from that company. Some questions to ask are: • Does the premium stay the same or will it increase? • What happens when the policy expires? Will I be guaranteed renewal? • Do I need to provide proof of insurability? What if I cannot supply that proof? • Is it a good idea for me to use a joint life insurance policy for investment purposes? • May I see the Product Disclosure Statements (PDS) for the joint life insurance policy Don’t be a galah and do your homework. Make sure you are dealing with a fair-dinkum, financially stable joint life insurance provider.
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