Life insurance for couples: Buying one joint policy or two single policies—helping you make the decision.

If you’re married, planning on getting married, or are in a long-term relationship, you might be thinking it’s time to buy life insurance together. It’s a smart move. After all, maybe you have children, have purchased a home or plan on doing one or both in the near future. Together you are making the decision to make sure the other is financially protected should one die.

Getting started is easy enough, especially if you use the free online life insurance tools that kanetix has developed. Like the Term Life Insurance Analyzer, where by answering a few simple questions, this tool assesses your needs and lets you know what product is most commonly recommended for people in your same situation. You can also try the Life Insurance Needs Calculator. This tool helps you find out roughly how much life insurance coverage you'll need to ensure your family and loved ones are covered.

All that’s left is deciding on whether to buy one joint insurance policy or two single life insurance policies. The following outlines the main differences and may help you choose between the two:

Joint First-to-Die Term Policies	Single Term Policies
To insure two people, one policy provides coverage for both.	To insure two people, you will need two separate policies.
The amount of coverage will be the same for both of you.	The amount of coverage can be different for each of you.
A joint policy ends after a claim. The survivor would have to apply for new coverage if they wish to continue having life insurance.	The survivor’s own policy is still in effect, even though the deceased’s policy has paid a claim.
The premium is usually about 15% less than if you buy 2 single policies of the same coverage amount.	If buying the same coverage amount, two single policies typically cost more than 1 joint policy.

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From the time you marry, buy your first home, start a family and enjoy retirement, life insurance means you and your family have the financial security to reach your goals.

With the affordability of both joint and single Term Life insurance policies, there is no better time than now to get the coverage you need.