You have heard about couples’ life policy many times before, “that good”, but do you know about the best life insurance policies for couples? Note that not all the policies work for couples and you may blame yourself if you choose what you won’t like for your marriage.
After thorough research, I have selected the 3 best life insurance policies for couples. In this post, you will learn everything about the best life insurance for couples, joint life insurance for couples: at the end, you will know what type of life policy covers two lives, as well as the average cost of life insurance for married couples.
Let’s dive in.
What Is Life Insurance Life Policy?
According to Wikipedia, a life insurance policy is an agreement binding the insurance policyholder and the company and the assurer or insurer, with the insurer agreeing to pay the said insured beneficiary a certain sum of money upon the death of the insured.
Life policy itself is a legal contract as well as the terms of all the contracts which explain the limitations of those insured events. Normally, the policyholder(s) pays a certain amount known as a premium either monthly or annually to the insurer. It is the life insurance policy that guarantees that at the end of the contract, the insurer pays a stipulated amount to the beneficiary after the death of the insured, in exchange for the premium already paid by the policyholder.
Why Couples’ Life Insurance Policy?
Now that you know what life policy is, let’s look at h Couples go for it. The reason is that when you as couples start working hard to build your relationship, you may start putting your resources together to help you take bigger life commitments and choices.
Such choices and commitments may be about getting a bigger apartment or buying a home, having children, cars, and a joint bank account. Buying the insurance enables one of you to carry on with life without being financially stressed should the unexpected happens.
Jessica Lepore said that the best gift one can give to the spouse is Life Insurance: that is true, because, with that, you are sure your family will continue living their normal life without getting broke after you’ve left the world. Isn’t that something you want to do for your family? Sure it is.
What Are The Three Main Types Of Life Insurance?
Before we look at the best life insurance policies for couples, let us quickly look at the three main types of insurance policies. The three most common life insurance policies are.
- Whole life.
- Universal life.
- And Term life.
Each of these types of life insurance policy has its variations, but we will concentrate on the major categories. Let’s do that now.
Whole Life Insurance:-
Whole life insurance, also known as “permanent life” or “straight life” insurance is a type of insurance policy that guarantees to remain active for the insured throughout his or her lifetime, especially when he /or she is faithfully paying the premium.
Whole life insurance is undoubtedly the most common type of insurance policy and it also has a very safe and stable saving plan called “cash value. Below are a few good qualities of whole life insurance