Joint Life Insurance

Joint life insurance, also known as first-to-die insurance or second-to-die insurance, is a single policy that covers two people—usually spouses or partners. Depending on the type of policy, the payout occurs:

• Upon the first death (First-to-Die).
• Upon the second death (Second-to-Die).

This payout provides essential financial support for the surviving partner or beneficiaries, ensuring stability when it’s needed most.

1. Income Replacement: A tax-free death benefit helps the surviving spouse or beneficiaries replace lost income, pay off debts, and manage ongoing living expenses.

2. Estate Planning: Second-to-die joint life insurance is ideal for estate planning, ensuring funds are available to cover estate taxes or other expenses after both policyholders have passed.

3. Simplified Management: With just one policy to manage and a single premium to pay, joint life insurance simplifies coverage for couples or partners.

1. First-to-Die: This policy pays out when the first insured individual passes away. It’s perfect for families with dependents, offering financial support for the surviving spouse and children.

2. Second-to-Die: The payout occurs after the second insured individual passes away, making it ideal for estate planning. It helps cover estate taxes and preserves assets for future generations.

3. Term vs. Whole of Life

• Term Joint Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years).
• Whole of Life Joint Insurance: Offers lifelong protection and often includes a cash value component.

At Baker Hudson Health, we go above and beyond to provide personalized coverage. Here’s why families trust us for joint life insurance:

• Tailored Solutions: Customised policies to match your needs and budget.
• Expert Guidance: Our experienced advisors help you choose the right type of joint policy.
• Comprehensive Options: Access to a wide range of policy types and add-ons for maximum flexibility.