Usually pays only one death benefit, so if one partner dies, the other needs to apply for a new policy to continue coverage.Is sometimes less flexible than single policies if the couple separates or gets divorced.Is usually less expensive than two identical single policies.Pays the death benefit when the first partner dies.Insures two people under one joint policy.Make sure to consider the pros and cons of each. If you decide to purchase insurance, make sure you consider all the options available to you as a couple. When considering buying life insurance as a couple, look at what coverage you may already have through your employer or that you may have bought when you were on your own.

Term life insurance premiums are generally less expensive than permanent life insurance premiums when you first buy the policy. If you don’t pay your premiums, your insurance company may cancel your policy. For example, premiums would increase every five years on a five-year renewable policy. Your premiums may increase when you renew the policy. Generally, your insurance company will establish your premiums, or the fees you pay, for the length of the term. This means you can’t borrow against your policy and you won’t get any cash value back if you cancel your policy. Term insurance policies don’t include cash value. Once the term ends, the coverage ends and your beneficiaries don’t receive any payment. If you die within the duration of the policy, your beneficiaries will be paid the death benefit. until you reach a set age, such as 65 years old.a fixed period of time, such as a term of 10 or 20 years.The length of your coverage can be either for: Term life insurance pays a death benefit if the person insured dies within a specific period of time or before you reach a certain age. You may also choose to leave the money to your estate or to a trust. provide for your children or dependents.replace your income so your family can maintain their standard of living.The death benefit paid from a life insurance policy is a tax-free, lump-sum amount that can be used to: Life insurance can help your loved ones deal with the financial impact of your death.

Cash in sun life insurance policy