Best Term Insurance Plan for Couple A joint term insurance plan is taken by a couple. It is a single life cover that offers protection for two people. There are many advantages to buying such a plan. Take a look at this article to know more about the best term insurance plan for couple and see which policy you want to opt for. Some of the Best Term Insurance Plans for Couples Here are some excellent options for you to choose from: HDFC Term Assurance Plan Benefits of the Best Term Insurance Plan for Couple Joint Cover The biggest advantage of buying a joint term life cover is that you get a single cover for both yourself and your wife. You do not need to buy two separate covers....
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Types of joint life insurance cover Joint life insurance can be purchased as one of three main types of cover: Decreasing term cover (also known as mortgage life insurance) Term life insurance provides coverage for a set period - or 'term length'. When taking out a policy you and your insurer agree to a set period (i.e 30 years). Your loved ones will only receive a pay-out providing you or your partner die within the policy term. However, if you survive the policy term then the policy ends and you won't receive a pay-out when you eventually die. Whole life insurance - also known as 'whole of life insurance' covers you for the rest of your life - so long as you keep paying your monthly...
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Is joint life insurance right for your family? It’s an important question to think about, especially when you have a partner and kids who depend on you. “When one spouse or partner in a relationship dies before another, financial difficulties from loss of income are the last thing anyone wants to deal with,” explains Time Magazine. The good news is that getting the right coverage to protect your family is easier than you think. Couples can opt for separate policies or joint life insurance. There are benefits and drawbacks to both, so let’s examine both and see which works better for your family. For many couples, a joint life insurance policy is one worth considering when looking into life...
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One of the types of term insurances in India for couples is a joint term insurance, wherein life insurance cover is provided to both spouses under a single insurance policy. Purchase of term policies have surged by 25% since the outbreak of COVID-19 pandemic. This proves the increased need of protection . With evolving times, especially with the number of working couples rising, the need for joint life covers is also increasing . More people are buying bigger life insurance covers, post COVID-19. This means people are not just looking for protection, but adequate protection Various insurance companies offer a host of term plan benefits, and couples can opt for a suitable plan based on their...
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Term insurance is the purest type of life insurance that provides coverage for a specified “term” of years. A fixed death benefit is paid to the nominee in the event of the insured person’s unfortunate death during the period specified in the policy. A term life insurance is an affordable option and has great coverage, due to which it is liked by people who wish to secure their families financially in the future. It provides a high lump sum claim at a very low premium rate. Many riders or value-added benefits can be combined with a basic term plan. Joint term insurance is a relatively new concept. It started developing after women started joining the workforce. Since women also contribute...
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There are a host of potential pros and cons to single and joint life insurance that you need to consider before applying for cover. What’s the difference? A single life insurance policy only covers one life, so if both members of the couple want cover then they will each need to take out their own policy. The alternative is to go for a joint life insurance policy. Both lives are protected by the policy, with a payout generally made after the first partner dies during the term. One factor for any couple to consider when arranging their cover is the cost. There are all sorts of different factors that go into determining the cost of any life insurance policy, whether for an individual or...
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As a newly married couple, you would be excited about starting your life together. There is a world of opportunities out there for you, now that you are a team. While it is exciting to embark on this new journey together, it is prudent to be prepared for any mishaps in life. If 2020 and the Covid-19 pandemic burnt one lesson in our minds, it is that life can be unpredictable. It is for these unpredictable moments, that a term insurance becomes critical. However, what is term insurance? It is a simple life insurance plan that provides an assurance of a pre-determined pay-out to the nominees of a policyholder, in case of his or her untimely demise during the policy term. With the evolving...
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What are Joint Life Term Insurance Policies Joint life term insurance plans are gradually gaining pace in India, given the rising number of working women and the vital role they play in contributing to the household income. Basically a life insurance policy was a safety net for the rest of the family when the main earner of the family passed away. Presently, given the modern family structure where both the spouses are earning, the need is to ensure that both husband and wife are insured so that if anything is to happen to either of the spouses, the other remains financially stable. Joint insurance term policies cover both the spouses under single insurance policies. How do Joint Life Term...
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A Guide to Joint Life Insurance for Couples If both you and your partner are looking for life insurance, you have two options available to you. You can either take out a single life insurance policy each or take out a joint policy. Both options can have their advantages, so it is important to understand your options before taking out a policy. If you are married or cohabiting, joint life insurance could provide feasible cover depending on what you want to protect. What is joint life insurance? Joint life insurance is one policy that covers two people. It can pay-out a lump sum in the event of passing away or becoming terminally ill within the policy term. Whether you take out two single...
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Term Plans: Which Option Is Better? Term insurance policy is a traditional form of life insurance that offers life cover at a nominal premium. The term insurance plan is popular amongst the masses as it is affordable. On the death of the insured within the policy term, a death benefit is paid out to the nominee. What should you do as a married couple when it comes to buying a term insurance plan? Married couples can either opt for two separate term insurance policies or can avail a joint term plan. Discussed below are the benefits and importance of availing a joint term insurance policy. Is there a term plan for a couple? Yes, there is a scheme known as joint term insurance plan that can...
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