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| - | About joint [http://abegailinsurancereview.wordpress.com/2013/02/28/can-term-life-insurance-offer-enough/ life insurance ] - From the name itself, a joint life insurance policy is a 2-in-1 package wherein two different people are being covered for the price of a single premium. For a standard policy, you get returns upon your passing. For a joint policy, the pay out is given if one of you dies. This may be a term policy, in which the plan is in place for a specified time period, or a whole policy, whereby it is in effect until one of the individuals covered becomes deceased.
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| - | Requirements For Joint Life Insurance
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| - | Joint life cover policies are commonly offered to married people and other related arrangements, just like registered civil partners and couples who are living together and have common financial responsibilities like a mortgage or child care. Joint life assurance policies also cater for those people who are business associates. Tip: This insurance policies are best for relationships where both can also enjoy financial advantages while being in unison.
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| - | Advantages and disadvantages - This joint policy is pretty cheaper than two single plans combined, which is a good deal for two people with close ties. The life cover quotes are derived from the ages of the people involved and also their health condition.
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| - | Other advantages are also available. The good thing is you can in fact claim your lump returns by the end of the term policy, or you may choose to take them annually. You even have the option to take loans and pay them back with corresponding interest. You won't have a problem in paying the loan because even if you're not already capable, the balance will be deducted from your assured sum in cases where your policy develops. Finally, you can even add a clause that assures benefits for serious diseases perhaps a cardiac arrest or cancer tumor, because this type of situation has the same effect as death with regards to the financial status of the joint venture.
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| - | Should either of you chooses to separate from the partnership, there'll be penalties given against you since this is a joint life assurance coverage. Bottomline, you'll not be anymore eligible to the returns that should have been paid to you. Tip: Having a joint policy, think twice before the two of you dissolve your partnership.
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| - | One other issue may arise if the both of you both die at once. Since only a single pay-out will be provided, money is probably not enough to sustain the beneficiaries of the pair who died. Also take note that the insurance policy ends when either of you passes away. The sad the truth is that when you are the surviving partner, you're in for a difficult hunt for affordable life cover plans, especially that you already increased in age. So being more aged entails higher monthly premiums.
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| - | If your partner is experiencing a health condition, quotes will definitely be higher despite you being healthy and balanced. Consequently, it would be better to just get individual policies if this sounds like the case.
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| - | For additional information, make sure you check our excellent free report on [http://getinsuranceinfo.webstarts.com/ life insurance], this research is on how to locate a best in class life assurance in your area.
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