Joint Life Insurance

Joint life insurance, sometimes referred to as “first-to-die” or “second-to-die” insurance, is a single policy that covers two individuals, typically spouses or partners. This type of insurance pays out a death benefit when one of the insured individuals passes away. It can provide financial protection to the surviving spouse or beneficiaries, offering peace of mind during challenging times.

• Income Replacement: In the event of the death of one partner, the surviving spouse or beneficiaries receive a tax-free death benefit, which can help replace lost income, pay off debts, or cover ongoing living expenses.
• Estate Planning: Second-to-die joint life insurance can be a valuable tool in estate planning. It ensures that funds are available to cover estate taxes and other expenses upon the passing of the second insured individual, helping to preserve your assets for future generations.
• Simplified Management: With a joint life insurance policy, you only have one policy to manage and one premium to pay. This simplifies the administrative aspects of insurance and makes it easier to keep track of your coverage.

• First-to-Die: This type of policy pays out when the first insured individual passes away. It is often chosen by couples with dependent children, as it provides financial support for the remaining spouse and their children.
• Second-to-Die: Second-to-die policies pay out when the last insured individual in the policy passes away. They are commonly used for estate planning purposes, as the death benefit can cover estate taxes and other costs.
• Term vs. Whole of Life: Joint life insurance can be either term or Whole of Life. Term policies provide coverage for a specific period (e.g., 10, 20, or 30 years), while Whole of Life policies offer lifelong protection and often include a cash value component.

Baker Hudson goes the extra mile to tailor life insurance policies to your unique needs. We offer a range of options & our experienced agents will work closely with you to find the right coverage at the right price.