Joint Life Insurance

Joint term life insurance is a simple and inexpensive form of a protection policy, that pays out the predetermined lump sum in the policy if the policyholder dies. Term coverage is usually available on either a single or joint basis. Some joint life insurance plans also have additional benefits such as paying out as a diagnosis of a terminal illness is made during the policy. If the policyholder stops paying premiums at any time, the coverage lapses and has no value. However, a waiver of premium can be made available at an extra cost, which will pay the premiums if, for health reasons, the policyholder is unable to work. This type of lifetime protection coverage is designed to cover more than one person. A coverage plan can be taken out on two people who are typically husband and wife. Limited life coverage for two people is more costly because payments are paid as soon as any one of the insureds dies, which increases the chances of an early payout of benefits.

When a coverage protection plan is purchased, the couples who pay the premiums, and anticipate a return of the benefit, are dealing with the reality of death. It isn't an unsure wager. It is simply a question of when. The wisdom to invest in a joint life insurance policy is evidence of concern for each other and their needs when the first one to die is gone. One form or type of coverage is called a variable policy. This variable joint life insurance offers potential for greater cash value and death benefit than traditional joint term life insurance. These policies are offered by investment firms who allow the insured to choose from various investments to allocate their premiums into for the investment return that is applied to cash in the coverage plan. These variable premium investments have varying degrees of risk, but are flexible to allow the insured to reallocate them during the plan year.

Jesus had no need for a physical coverage protection plan; His heavenly home was already insured. Jesus asked His friends to stick by him in his last hours. "Then saith He unto them, 'My soul is exceeding sorrowful, even unto death: tarry ye here, and watch with me'" (Matthew 26:38). Christians may not feel the need for joint term life insurance, but if extra money can be put aside, it should be done. If the main supporter in a family unexpectedly passes away, having a lump sum from a joint life insurance plan, to pay for the funeral and burial and for living expenses, can really help in such a period of mourning. God can and does provide all, but He also warns Christians to prepare for disaster and devastation as best they can.