Evaluating joint versus individual policy options
When securing mortgage term life insurance, young couples must decide whether to purchase a joint policy or two individual policies. A joint first-to-die policy covers both individuals but pays out only once, specifically when the first partner passes away. After this payout is made to help settle the home loan, the policy terminates, leaving the surviving partner without coverage. While this option often comes with lower premium costs, it may leave the surviving spouse vulnerable if they still require life insurance