Yes. Married couples can take out joint life insurance, which is one policy with one payout. Joint life insurance may make the lump sum payout when the first spouse dies or when the second dies.
It depends. Many married couples have enough financial obligations to justify the need for some sort of life insurance product. For example, a married couple with children may get a term life insurance policy to make sure their children’s educational expenses are covered.
However, not all married couples require life insurance. A trusted financial advisor can help you determine your insurance needs, including whether you have any.
As a rule of thumb, each spouse can qualify for up to 30 times the person’s annual income as a baseline of coverage. Based on other needs such as businesses or loans, mortgages or education expenses, additional coverage may be available.
No. Beneficiaries are chosen at the time the policyholder completes an application. Beneficiaries can be spouses, domestic partners, adult dependent children, businesses or even trusts. Work closely with a financial advisor or licensed agent to understand your options.
