Pros and Cons of First-to-Die Joint Life Insurance

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It may occasionally be less expensive than purchasing individual life insurance plans separately.

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Pro.

If one partner is uninsurable because of health difficulties, a couple may still have this choice.

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Pro.

Generally, group plans pay off sooner than individual ones.

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Pro.

provides coverage for at least one partner's whole life, as opposed to a term life insurance policy's limited time frame.

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Pro.

replaces lost income in cases where one spouse is the only provider.

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Pro.

A joint permanent policy typically costs more than two separate term life plans.

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Con

Can be more expensive if only one partner is healthy.

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Con

Splitting up in a divorce or separation is not always simple.

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Con

fter the settlement, the surviving spouse is left without life insurance coverage.

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Con