Joint Term Insurance or Individual Term Insurance - Which is Best and Why?
A joint-life policy supports the dual coverage factor that goes with the requirements of a couple and as such, there is the advantage of extended coverage. However, the pay-out is restricted to the entitlement to death benefits (i.e. sum assured) in the event of the demise of the policy holder or her/his spouse. The coverage ends with and therefore, even though the terms of coverage are broad, yet when it comes to entitlement to the actual benefits, there is no such coverage. So, if the surviving partner needs to find new life insurance later in life, it's likely to be more expensive because they're older. Moreover, if they have suffered any health or medical problems since the original cover was set up, this will increase the premiums further.
Â Besides, taking out two separate policies proves to be costlier in the long run. A joint cover, due to non-variation of different premiums (in single coverage for two partners) is far cheaper. Then there are chances of additional tax savings, when considered from the perspective of family budget. Instead of two separate and mutually unrelated policies (along with tax options and offered deductions), taking out a joint policy is far more beneficial, especially for young couples who intend to save money on premiums. Furthermore, regardless of which partner dies, the payout is ensured. Therefore, the children or the dependents have a better chance of financial inclusion and security.
HDFC Life offers numerous insurance plans that are aimed at financial security of your loved ones. For further details, kindly click on the mentioned link: https://www.hdfclife.com/insurance-plans.
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