Are you a married couple or are about to get hitched? Do you believe in having a plan in almost everything that you do? If yes, then having Life Insurance is a must for both of you.
A Life Insurance is a contract between the insurance company and the policyholder where the insurance company promises to pay an amount to the designated recipient for a premium paid over the years upon the policyholder’s death.
Check Out Some of the Many Plans Available for Couples below.
The Right Life Insurance Choices For Couples
Term Life Insurance
If you have just started living your life with your loved one and are looking to be a part of a more profitable plan for you both in terms of time, need, and money, then term life insurance has to be the right choice for you.
Term Life Insurance is done for a fixed period. The term life insurance promises to pay the coverage to the beneficiary if the policyholder dies in that particular period. It typically ranges from 5 years to 30 years, and upon its expiry, it is renewable, you can then change.
You pay a premium for term life insurance which is quite low when compared to the others if done at a very early stage. The premium is dependent on the age, health, and life expectancy of the insurer. The term life insurance guarantees a death benefit.
Permanent Life Insurance
Permanent Life Insurance stands up to its name; it is an insurance that provides permanent security for the insurers’ life as long as the premiums are paid. This kind of insurance not only provides a death guarantee but also has a saving element.
The saving element is a cash value that is accumulated over the years and can be used when required. Someone who requires money to cover heavy hospital charges for a big operation can also borrow money against the cash value.
Another important reason for opting for permanent life insurance is that the cash value which is received is completely tax-free. Any amount which the policyholder earns because of his policy, he does not have to pay taxes for it as it doesn’t account as taxable income.
Joint Life Insurance
A Joint Life Insurance plan covers two lives instead of one. Here, both the individuals who go for an insurance cover can pay a premium individually, not necessarily of the same amount, or can pay a single premium together.
First-to-Die Life Insurance
This type of insurance covers the survivor upon the death of a partner. It can be further classified as a term plan or an endowment plan. For a term plan, the individuals pay a certain amount for a fixed time, and if one partner dies, the surviving partner can claim the amount and on the other hand, under an Endowment Plan, the premiums are paid typically until the age of retirement and once reached, the insurance company will pay a good amount to the couple.
Another benefit for this type of joint life policy is that, even if one of the partners dies before the maturity period, the surviving partner gets the coverage amount, and upon reaching the maturity age, gets the endowment money and after the first death is not liable to pay the premium money.
Second-to-Die Life Insurance
This life insurance is for couples who want to leave money for their children if both of them died. The children who pay their expenses to live life can use this money.
Get Life Insurance for couples is essential as you never know when you need money for mortgage, college debts, funeral expenses, etc. All the insurance plans have some advantages and some disadvantages. So you should get in touch with a trusted insurance company and make the right choice after going through all the benefits which fit your needs and makes it the right plan for you.