Joint Life Insurance Policy

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Joint Life Insurance Policy
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What is Joint Life Term Insurance Policy ?

• Plans for life insurance aid in securing your
  objectives. In the event of your passing, they
  shield your family from financial hardship. Joint
  Life Insurance Policy, have often been linked to
  a single policyholder. However, in order to
  provide families with complete security, it
  became necessary to include several insureds in
  the policy due to changing social dynamics and
  the market. These programmes are referred to as
  combined term insurance plans. Married couples
  really like them. They provide two people with
  life insurance under one policy. To learn more,
  keep reading.
• Two people are covered under the Joint Life Term
  Insurance Policy. For the defined time, both
  insured parties pay the premium, and the payout
  is based on the first death. The other
  policyholder receives the sum assured in the
  event that one of the policyholders passes away.
  However, the coverage ends upon the passing of
  one covered partner. The surviving policyholder
  must buy a new insurance plan if they want to
  continue using the life term policy's coverage.
  In a joint life insurance policy, both
  policyholders are the owners and beneficiaries.

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What are the types of Joint Life Term Insurance ?

• Joint term insurance plan is of two types- a
  joint term plan and joint endowment plan.
• Joint term insurance A joint term insurance has
  similar qualities to a standard life term
  insurance policy, but it protects two persons
  rather than only one as with the latter. For the
  fixed duration of the insurance, only one premium
  is due from both policyholders. The surviving
  policyholder is entitled to the death benefit if
  one of the policyholders passes away within this
  time. The joint life policy coverage for the
  surviving policyholder expires at the death of
  one insured partner, and additional coverage must
  be purchased under a new plan.
•  Joint endowment plan The plan for joint
  endowment offers both investing and insurance
  benefits. It is valid for a specified amount of
  time, usually until retirement. The insurance
  company will give you a specific sum known as the
  "endowment" after the policy expires. A shared
  endowment plan operates similarly, with the
  exception that it pays the insured couple once
  the insurance expires. The surviving policyholder
  receives the sum even if one of the policyholders
  passes away. The maturity benefit is also
  available to endowment plans. However, after the
  passing of either policyholder, premium payments
  cease.

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