What is the Right Type of Life Insurance for Couples?

If you are a married couple, it’s best to get couples life insurance in which you and your spouse name each other the beneficiary on each other’s policies. This will cover the immediate costs that occur when one party passes away.

What are the Benefits of Couples Life Insurance?

Younger couples normally share their finances and benefit from combining their incomes to buy a home, vehicles, take care of children and afford higher education expenses. If one party should pass away, the other party needs to be able to pay the shared expenses. Having couples insurance from Evertree Mountain States will help to pay off debts, cover funeral costs, afford day-to-day expenses and make mortgage payments in Arvada, CO.

What are the Types of Couples Life Insurance?

The main two types of insurance for couples are term life, permanent life, and joint insurance policies.

Term life insurance covers the insured person for a particular term or amount of years that is set. The most common terms are between five and 30 years. When someone passes away within the term, the policy will pay out to the beneficiary. If the term ends and you are still healthy, then you renew it. Younger couples generally have lower rates on life insurance.

Permanent life covers you for your entire life until you pass away. This type of coverage also builds cash value that you can borrow from and it is also at generally lower rates when you are young.

Joint life insurance in Arvada, CO is called first to die and second to die, as it is one policy that covers two individuals. First to die insurance pays out when the first person on the policy dies and then the policy ends. Whereas, second to die life insurance pays out after both people die. This type of policy is generally used by couples to leave money for their heirs.

We understand at Evertree Mountain States that it can be a difficult decision when deciding on life insurance policies, and we are here to help. You can call or come by the office to talk to a knowledgeable agent about your life insurance for couples.