Life insurance is purchased to take care of mortgage in case of death of the earning member. This is done to keep the family worry-free and ensure that they have a home to themselves when no one is earning and paying the bills.

The cash proceeds from life insurance payout can also be used to pay for funeral cost, debts and building a fund for the family.

Single life insurance policies protect the life of just one person. The policy pays in case of the death of the person covered under the policy. Whereas joint life insurance policy covers two lives and pays out the money in case the first person passes away.

A joint life insurance policy is also called ‘first to die’ policy. This is because the policy pays only once- in case of the death of the first person. When the joint life insurance policy pays out once, the cover gets eliminated from the life of another person. One can choose to buy two single life policies, in case he/she does not want the cover to end in case of one person’s death.

Joint life insurance policy is generally cheaper than buying two single life policies. But choosing either single or joint policy depends on your personal circumstances. If you are fine with getting insured for the same amount and have the same life insurance needs, you can buy out a joint policy and save money.

You can start comparing joint life insurance quotes and individual life insurance policy quotes by clicking here. In case you choose to compare joint policies, you will get a list of joint insurance quotes from leading providers who provide services in your area. The list will be sorted based on price and you can choose out the best according to your requirement in a few clicks. You can also customize the list and explore different quotes by changing the policy term and amount of coverage.