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Joint Life
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Live comfortably knowing that your loved ones will be financially secure in the unfortunate event of your passing.

What is Joint Life Insurance?

Joint Life Insurance combines the mortality rates of the policyholders through mathematical formulas to issue a single policy that is usually less expensive than purchasing separate policies for each person. This is different from Combined Life Insurance policies which provide only minor savings when a couple buys individual policies from the same insurer at the same time.

For example, let’s say a healthy husband and wife, both 40 years of age purchase a First-To-Die policy. Their premiums will be similar to a healthy male of 46 years of age on individual Life Insurance with the same benefits as theirs. The combined age of the couple is higher than their average age because the probability of either of them passing away early is higher than that of both of them passing away early.

If that same couple purchases a Last-To-Die policy, their combined premium will look the same as a healthy male of 31 years of age. In that case, their combined persona reflects the likelihood of at least one of them living a long life.

Applicants for Joint Life Insurance do not have to be married. As long as there are valid reasons to insure the life of the other applicant, insurers will provide coverage for both parties. An example Joint Life Insurance applicant might be a business partner to settle liabilities after either person’s death.

Why Do I need Life Insurance?

Life Insurance acts as a safety net for your dependents in the event of your passing. This protects them from financial hardships and can allow them to continue to maintain the same quality of living they are used to. Life Insurance is an absolute necessity if your spouse, children, or other individuals you care about, depend on you financially.

Depending on the coverage you choose, your Life Insurance policy can help offset or completely cover the costs of your funeral, any debts that you may have, and even provide your beneficiary with a source of income.

In addition, if you need to access your funds, certain policies will allow you to withdraw your accumulated premium payments. However, the amount paid out in the event of your passing will decrease if you do not pay back the amount withdrawn.

Can I name multiple beneficiaries?

A beneficiary is the person who receives the cash value of your death benefit. As a policy holder, you will be required to name this person when you purchase your Life Insurance policy. You are able to name multiple beneficiaries and divide the cash value of your policy among them equally or according to a set percentage. This is useful if you are planning to divide the money amongst your children for example. If a beneficiary passes before you do, you can elect a contingent beneficiary in their place. You may also choose a charity as a beneficiary.

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Types of Joint Life Insurance in Canada

There are two types of Joint Life Insurance that you could purchase.

Joint First-to-Die

Joint First-To-Die policies pay the death benefit when one of the insured individuals passes away. Typically, it is purchased when partners share financial obligations, and the death of either party would significantly reduce the ability of the other party to meet those obligations. The cash value of the policy could be used for debts, mortgage payments, funeral expenses, income replacement, or any other purpose. Some insurance companies offer double payout if both insured parties pass away within a very short period of time and if beneficiaries outside of the policyholders were named.

Joint Last-to-Die

Joint Last-To-Die policies pay the death benefit when both insured parties pass away. This policy is purchased in order to provide financial support to the couple’s children or other financial dependents. When the insured individual passes, the other insured person will have to continue paying their premiums until they pass away as well.

How to Save Money on Joint Life Insurance?

We want to help you save your money. The best way to save money on Joint Life Insurance is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.

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What is your age?

Your age bracket has a significant impact on your premiums. The younger you are, the more we suggest purchasing a policy. Avoid higher rates by purchasing Joint Life Insurance before your next birthday.

Are You Healthy?

If you are a healthy individual and can qualify for regular life insurance, apply for a fully underwritten policy to pay notably lower premiums.

Smoker status

Cigarette smokers can pay up to 100% more for the same level of coverage as a non-smoker. To gain a considerable reduction on your premium payments, consider quitting smoking. It will save you money and benefit your health.

Renewing Your Policy?

Over time, rates can change. Instead of renewing your current plan, compare new policies or consider converting your Term plan to a Permanent Life Insurance.

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