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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Karen Moskowitz/Getty Images September 24, 2021 Joshua Cox-Steib has two years of experience in writing for insurance domains such as Bankrate, Coverage.com, The Simple Dollar, Reviews.com, and more. His work has also been featured on such sites as MSN and BBB (Better Business Bureau). His insurance writing career has spanned across multiple product lines, with a primary focus on auto insurance, life insurance, and home insurance. Morgan Chelsea Lanier has been an insurance editor for Bankrate since 2020. Using her eight years of experience in market research and data analysis, she works hard to understand her readers’ needs and bring data insights that provide accurate and straightforward answers to insurance questions. She firmly believes that all data tells a story – and she wants to bring that story to her readers. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Joint life insurance is a type of insurance policy specifically designed to enable spouses to share a single life insurance plan. Joint life comes in two varieties: first-to-die, which pays out to the surviving spouse after the first dies; and second-to-die, or survivorship, which pays a death benefit to the heirs after both spouses pass away. This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser. Compare life insurance providers quickly and easily
See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More If you’re potentially interested in purchasing a joint life insurance policy, you may want to look into it. Below, we discuss what a joint insurance policy is, what types you can get, who it’s best for and how to get one. What is a joint life insurance policy
Joint life insurance is similar to standard life insurance except that it is specifically designed to cover a couple instead of an individual. These two people don’t have to be a couple in the romantic sense. However, that is one of the most common scenarios for this kind of insurance. These policy types cover two people, no more, no less. Within joint life insurance, you will have the following policy options: Level term: This policy type is active for a predetermined amount of time. During this time, your coverage amount and premiums would stay the same. Decreasing term: Your monthly premiums and payout amounts will decrease until the end of the predetermined amount of time during which your policy is active. Increasing term: Your monthly premiums and payout amounts will increase until the end of the predetermined amount of time during which your policy is active. Whole-of-life: Unlike term insurance, this policy type is active for your whole life and pays out whenever you die. Types of joint life insurance policies
First-to-die life insurance
With first-to-die, the policy pays out as soon as the first person dies, making the payout to the survivor. The primary goal of this type of joint life insurance is similar to individual life insurance. It is often used to compensate for the lost income of a spouse or partner who dies. With the loss of one individual in a dual-income household, first-to-die policies payout to the survivor so that they have finances on hand in their time of need. If you’re looking for first-to-die life insurance carriers, there are many competitive life insurance providers to choose from. Second-to-die life insurance
Second-to-die policies make their payout after both of the insured persons have died. This benefit is paid to their beneficiaries. Unlike first-to-die, this type cannot provide a payout to either of the two people who are covered by the plan. Second-to-die, instead, is geared towards their beneficiaries. One of the upsides of doing it this way, instead of using two individual life insurance plans, is savings. You not only save money on the premiums, but the death benefits are also still tax-free. In short, first-to-die is designed to help the surviving member of the insured couple, while second-to-die is purely for beneficiaries and cannot payout to the two who are insured. Who should have a joint life insurance policy
Dual life insurance may be right for you if: You can’t afford to buy two separate policies: A joint policy may be a cheaper option than purchasing two separate policies. However, if one spouse has high-risk medical issues, a joint policy might be around the same amount as two policies. One spouse was or may be denied coverage: If one spouse was denied coverage, you may still qualify for a joint policy – but keep in mind that it may not be cheaper than purchasing your own policies. You want to leave an inheritance for your children: If your children are grown but you’d like to leave them money after you pass, a second-to-die policy may be right for you. You are the parent of a special needs child or another lifelong dependent: If you will take care of a dependent for the rest of your life, you and your spouse may want to leave this person a large sum of money to take care of their needs after your death. Second-to-die policies are a great option here. Pros and cons of joint life insurance
Joint life insurance can be a great choice for some couples, but it isn’t for everyone. Check out some pros and cons below. Pros
Dual life insurance is a great choice if one partner is unable to qualify for their own life insurance policy. A joint policy may also be less expensive than two individual policies, so it could be better for those on a budget. If you are a dual-income household on a budget, and depend on both incomes to meet financial obligations, you might consider a first-to-die policy. Alternatively, if you have a lifelong dependent such as a special needs child, or simply want to provide an inheritance to your children, you can do so through a second-to-die policy. Cons
While joint life insurance is great for some couples, it’s not for everyone. Joint life insurance policies take longer than most insurance policies to pay out to your beneficiaries. They could also complicate a divorce, since the policies are tied together. In addition, joint life policies could cost just as much as other options if one spouse has high-risk medical issues. How to get joint life insurance
The first step in buying any insurance policy is to determine what you’re looking for. After you’ve decided what kind of policy you want, it’s time to shop around and compare companies. Once you’ve found the company that offers good joint life insurance quotes on the policy coverage you want, it’s time to apply. This step can be done in a number of different ways. Generally, you can meet with an agent in person, talk to them over the phone, or apply for a policy online through the insurance company’s website. Before the application can be fully reviewed, you and your partner will likely need to submit to an insurance medical exam. This helps the company to determine eligibility and premium rates. After this, provided there are no unexpected problems, all that’s left for you to do is to receive your policy and make your first payment. Frequently asked questions
What is the best life insurance company
The best life insurance company will differ for every buyer. To find the best provider for you, it may be helpful to decide which policy type you’re interested in and talk with a licensed insurance agent to see which companies can meet your needs. Then, you may want to request joint life insurance quotes online to see where you can get the best deal. Does joint life insurance pay out twice
If you have a second-to-die policy, your insurance will pay out to your heirs after both policyholders die. If you have a first-to-die life insurance policy, your policy will pay out after the first partner passes away. The second partner will no longer have any life insurance in force. Do you have to be married to get joint life insurance
No. To get joint life insurance, you just have to prove that you have shared assets with another party. Business partners and domestic partners are also able to get joint life insurance. SHARE: Joshua Cox-Steib has two years of experience in writing for insurance domains such as Bankrate, Coverage.com, The Simple Dollar, Reviews.com, and more. His work has also been featured on such sites as MSN and BBB (Better Business Bureau). His insurance writing career has spanned across multiple product lines, with a primary focus on auto insurance, life insurance, and home insurance. Morgan Chelsea Lanier has been an insurance editor for Bankrate since 2020. Using her eight years of experience in market research and data analysis, she works hard to understand her readers’ needs and bring data insights that provide accurate and straightforward answers to insurance questions. She firmly believes that all data tells a story – and she wants to bring that story to her readers. Related Articles