If you are researching what insurance policy is good for you and your partner, then you must have come across first to die insurance policy. The question is what is it all about and how do you go about it? That’s a good question and we will be answering your questions in this post. Let’s dive in
What Is First To Die life insurance:
The first to die insurance policy is a kind of joint life Insurance Policy purchased by couples to cover the two of them at the same time, and it pays out the death benefits immediately after one policyholder dies. This is very common for young families and couples with low incomes.
Why First To Die Insurance?
As a couple who have dependent children, getting first to die insurance could be the best decision you can take because, with that, all household expenses are taken care of when any of you dies.
Nobody is praying for death, yet death is inevitable and no one knows when it will come, with that in mind, your first thought should be about how to give your family the best future now that you are still alive. That’s where the first to die insurance policy comes in.
With that, you are sure that your family is covered. Having first to die insurance will give you that coverage you need even as you save your money on the monthly premium you pay to the insurance company.
First to die policy will also take away the uncertainties of predicting which of you dies first. It can be impossible for you to get insurance cover for both of you, therefore, you will have to critically think about which of you needs the most death benefits. Meanwhile, if you guess wrong and the lower benefits spouse dies first, you know what that means.