Understanding Joint Life Insurance

Combining your coverage plan into a joint life insurance plan with your spouse can provide a better scope of protection for your family; typically at a lower cost than with two individual life insurance plans. There are two types of joint life insurance plans available, which provide very different benefits for your family.

Joint First-to-Die Life Insurance – Provides the full benefits paid to the surviving spouse on the death of either insured person. This plan is useful for helping to provide a livable income for the survivor and dependents. Most plans offering First-to-Die offer a Survivor Benefit, which allows the surviving spouse to reapply for coverage with no medical exam.

Joint Last-To-Die Life Insurance – Provides benefits payable upon the death of both insured persons. Typically the lower-cost option, it allows partners to “share” the cost of the policy as well, and is typically better suited to estate and capital-gains taxes, or when the couple each earn an independent income.

We work directly with all major insurance providers including RBC, BMO, Sun Life and many more, as a result we are able to search and compare a wide range of policies to find a plan that is just right for you.

To get more information on Joint Life Insurance or to get a no obligation quote please complete a short enquiry form and we will be happy to assist you.