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Brian So
Answered 2020-11-23 16:30:23

Joint life insurance is good if you want to cover a mortgage (joint first-to-die) or tax liabilities (joint last-to-die).

Joint life insurance typically costs less than 2 individual policies covering the same amount. But keep in mind that you will get 2 payouts with 2 individual policies and only 1 payout with a joint policy.

A better comparison might be to compare a joint policy to 2 individual policies covering half the amount. In this case, the 2 individual policies will cost less than the joint policy.

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Wiki User
Answered 2013-02-11 00:00:20

Joint life insurance basically insures two people with one policy. Joint life insurance policies exercise more leniency, making it easier to get life insurance. Premiums are also usually lower than if you were to buy two separate policies.

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