Are you in a long-term relationship or have just recently gotten married? Learn everything you need to know about planning a financial future with your significant other from the importance of household budgets to what amount of life insurance you need.
Whether you’ve just gotten married, or are sailing along mid-career, or you’re on the verge of retirement, it’s extremely important to plan for your future. Investing in financial planning today helps protect your family’s well-being and allows you to:
- work towards your goals (eg. starting up a business)
- have financial freedom
- enjoy marital happiness
- protect your loved ones during tough financial times
Our Licensed Agents Help You Decide What Amount of Life Insurance You Need
One of the best ways to protect your spouse or partner from the financial hardships that can arise from life’s most unexpected and difficult moments is by purchasing life insurance. At Flex Life, we have flexible policies that can be designed to fit all your unique needs.
Talk to one of our licensed agents today and they can help you decide what type and amount of life insurance you need to protect those that matter to you most.
Should I Purchase Single or Joint Insurance?
One of the most common questions asked when couples take out life insurance is whether the insurance should be taken on a single or joint life basis. While talking to a licensed insurance agent can help you make the right decision, it’s imperative that you understand the difference between the two so you can make the right choice for you and your spouse.
What is single life insurance?
A single life insurance policy covers one person only and pays out the chosen amount of cover if that person dies during the length of the policy.
What is joint life insurance?
A joint life insurance policy covers two lives, usually on a ‘first death’ basis. This means that the chosen amount of cover is paid out when the first person dies, during the length of the policy, after which the policy would end.
Which One Is Right For Me?
It’s important to note that a joint life insurance policy only pays out once and it would leave the surviving person without any life insurance. However, if there are two single life policies, if the first person dies, the surviving partner still has their own cover.
However, both types of life insurance have their pros and cons, so if you’re considering your options, you may want to consider the following factors:
Budget - One joint life insurance policy is typically more affordable than two single life insurance policies.
Cover - When deciding whether a single or joint policy is right for you and your significant other, you must ask yourself if you both have the same life insurance need or would two plans be more appropriate/
The Future - When deciding which type of policy is right for you, keep in mind that:
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If the relationship breaks down, it is possible that the insurance provider wouldn’t be able to divide the joint life policy into two single ones.
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If you claimed against a joint life policy, the surviving person would be left without cover. Applying for another policy later in life will work out more expensive because premiums increase with age.
Call Today
Before you make the decision between a single or joint life insurance policy, remember to think about all the implications and choose the option that suits you best. If you're still not sure what amount or type of life insurance you need, contact our licensed insurance agents at 1-844-974-2020 or fill in our online contact form.
