Joint or Individual Insurance: What's Best for Couples?

[joshroggers]

Hey everyone,

My partner and I have been discussing whether to get joint or individual insurance policies, and we're a bit torn. I'd love to hear your thoughts and experiences on this matter.

Joint insurance often seems like a convenient and cost-effective option, as it covers both of us under one policy. However, I'm concerned about potential limitations and complications if our circumstances change.

On the other hand, individual policies offer more flexibility, but they can be pricier when compared to joint ones.

What do you think? Have you faced this dilemma before? Any recommendations or insights would be greatly appreciated!

 

[joshroggers]

Hey everyone,

My partner and I have been discussing whether to get joint or individual insurance policies, and we're a bit torn. I'd love to hear your thoughts and experiences on this matter.

Joint insurance often seems like a convenient and cost-effective option, as it covers both of us under one policy. However, I'm concerned about potential limitations and complications if our circumstances change.

On the other hand, individual policies offer more flexibility, but they can be pricier when compared to joint ones.

What do you think? For more information go to affordalelifeusa.com Have you faced this dilemma before? Any recommendations or insights about Florida Medicaid would be greatly appreciated!

Thanks in advance for any help!

 

[Newby]

Hey everyone,

My partner and I have been discussing whether to get joint or individual insurance policies, and we're a bit torn. I'd love to hear your thoughts and experiences on this matter.

Joint insurance often seems like a convenient and cost-effective option, as it covers both of us under one policy. However, I'm concerned about potential limitations and complications if our circumstances change.

On the other hand, individual policies offer more flexibility, but they can be pricier when compared to joint ones.

What do you think? Have you faced this dilemma before? Any recommendations or insights would be greatly appreciated!

Individuals are pricier because they are worth it.
In cases of divorce you can’t separate them. You have to depend on your ex to keep it going.

In the case of the death of the primary insured they have different terms and conditions of keeping the rider insured covered. What are those conditions on the one you are considering?

 

[Allen Trent]

If the joint policy doesnt pay out until 2nd death, the results from it being cheaper can be devastating. Have seen joint 2nd to die be misused several times in my career. Sometimes as a cheap business buy sell agreement but the problem is the money is needed when the 1st person dies to buy out the shares of the deceased business partner.

Have also seen regular couples that needed coverage on 1 or both buy joint 2nd to die. when husband died, wife not only didnt get any money that she needed to replace lost income from drop in SS checks, etc, but she now had to keep paying the life insurance premiums on her reduced household income.

joint 2nd to Die policies tend to be best when used for estate planning cases or business/farm succession cases or special needs children cases where the death benefit isnt needed until 2nd person passes & there is sizeable assets the life insurance death benefit isnt needed at 1st death & the ongoing premiums are not going to be a financial burden to the person still alive

 

[walthamny]

The analysis of this is usually do you die too young or do you die too old for each person. If one of you die too young, joint policy has lots of cons. If both couple die about the same time there are lots of pros to the joint policy. Most of the time that does not happen. Joint polices do well if they are also combined with individual.

 

[Lloyds of Lubbock]

I am assuming you are a consumer.
Why are you getting the insurance?
Do you rely on each other financially?
If so a 2nd to die policy will be of little benefit.
If your partner died tomorrow who would your beneficiary's be?
Would it be the same if you reversed roles?
How old are you and your partner?
if you are relatively young and one of you pass away, the death benefit will not be paid for many years.
The cost of this could be massive.

 

[WinoBlues]

However, I'm concerned about potential limitations and complications if our circumstances change.

By partner are we talking business partner or Life Partner?

My main questions are:
What are your goals and wants from the policy?
Are you looking for $XXX to cover final expenses at death or $XXXXXX for debt, mortgage, and income?
Are your incomes and debts the same?
First to die or last to die need?

but they can be pricier when compared to joint ones.

Have you gotten quotes yet?

Great question.

 

[DHK]

What is best is always based on the problem to be solved or objective behind the purchase of one or more policies, not the price of a specific policy.

 

[The Ringo Kid]

I thought Insurance Forums was for agents, not consumers. Perhaps I misunderstood.

 

[WinoBlues]

I thought Insurance Forums was for agents, not consumers. Perhaps I misunderstood.

There have been consumers coming here since I have been here.

I have helped a few that have become awesome clients over the years.