Get Informed, Joint Life Insurance
Get Informed, Joint Life Insurance
Joint life insurance policies have their advantages and disadvantages.
If you are thinking of picking up one as a married couple, then you should weigh this policy type with the single policy options that are available considering your own unique situation.
Also, it is possible to find an insurance provider that has a package designed for you if you take time out to check, even though many of them offer packages, which are similar. Like most people you want a joint life insurance so you can have some sort of assurance that your family will have at least some sizable fund at their disposal when you are no longer around due to death.
However, just possessing a joint life policy should not be the only thing you have as you can also set up a family trust to achieve this goal.This trust can supplement the joint life insurance that you have and assist in ensuring your estate is transferred to members of your family as you want this to be done when you are no more. In spite of the fact that single life policies are similar to this type of insurance (i.e.
joint life), the major advantage this has is that this is often cheaper to having two separate life policies. Another benefit or advantage, which this type of life insurance has, is that it will provide fund to one partner at the passing on of the other.
This money can then be used to carter for the needs of the family members left behind.Two typical types of this insurance policy are whole life and term. If you subscribe to the joint term life insurance policy, then your premium payment will be less and you will be entitled to only a death benefit.
However, if what you subscribe to is a whole life insurance, then you will be entitled to not just death benefit, but also premium value.
Now going back to the trust option mentioned earlier it is possible to supplement your joint life option with the creation of a family trust.
The trust, also known as inter vivos or living trust is created while the person is alive. It simply involves giving your property or assets to a trust that has been created by you and this is then held and also managed by a third party you have chosen.
Some benefits of family trust are: being able to protect your estate from likely financial liabilities since ownership of this estate is now the trust; possibility of reducing tax payment and also being able to avoid probate proceedings.
Finally, one major shortfall with a joint life insurance policy is the fear of what will happen to this kind of insurance when there is a divorce. This is why couples are often advised to also take a single policy together with this.
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