Joint life insurance compared

Joint life insurance enables two people to be covered under the same policy, saving them the hassle of having to pay 2 separate sets of premiums, maintaining receipts and remembering due dates etc. This is a very good way to insure life and is particularly beneficial for couples or business partners. As the chance of indemnifying the death claim in a joint policy is higher, so the premium is significantly more than what it would be in a single insurance.

If you compare a single life insurance with a joint one, the premium rates are high but definitely less that two separate policies combined. The critical illness clause ensures that the joint life insurance policy holders will be paid a lump sum in case of cancer, stroke or a heart attack, thereby securing their future after a serious illness.