Combining finances and investments can be tricky, particularly for couples. According to the 2021 Fidelity Investments survey, one in five couples considers investment management the most challenging aspect of their relationship. Therefore, if you are one of those couples who can relate to the above, the best way to start managing your finances is by getting a term insurance plan with joint coverage.

So why specifically choose a term insurance plan?

It is the most straightforward form of insurance cum investment for the future without complicated terms and with affordable rates. It also helps create discipline. In addition, this type of policy provides coverage for two people under one plan, typically spouses or partners, and offers a range of advantages that can make it a wise investment for many families.

Some people also consider investing in term plans with premium returns, and it is an equally good investment option.

To give you a better idea, we will peek into five reasons why buying a term plan online with joint life coverage can be a smart move for you and your family’s financial future.

Cost Saving

With so many term insurance options in the market, buying the right term life insurance plan can be tricky. You need to make sure you buy the one which is affordable, covers all realistic aspects and aligns with your goals, as saving a little money is like making more money. Therefore, if you are planning to buy insurance for two people, the best and most affordable option shall be getting a joint-term insurance plan as it would be cheaper to get one policy for both instead of two separate policies making it highly cost-effective.

Inbuild Illness Coverage Features

Most term insurance policies come with inbuilt features like terminal illness, total permanent disability, etc. And getting the same feature in the form of joint-term insurance makes it an all-inclusive package with an affordable price, making it an excellent deal. Also, if you are looking for term insurance, Tata AIA term insurance is a good option as they have excellent critical illness options to choose from.

Easy Policy Management 

Streamline your life by opting for a joint-life policy instead of two separate policies, especially since most of us already have various investments in our portfolios. It is wise to avoid complicating your portfolio with two different policies and take on the added responsibility of managing payment reminders. Most of us are already overwhelmed with managing FDs, PPF accounts, gold, real estate, and more.

Get Yourself Future-ready Together

Life is constantly changing, whether in the form of a job or family dynamics. That is why it is essential to get a term insurance plan that covers you irrespective of such a scenario. Usually, in term life insurance, the sum assured is estimated based on human life value, which is expected to be 15 times your present annual income. 

Therefore, opting for the best joint-term insurance plan can be handy in case either partner or parent passes away untimely; then the policy is bound to pay out a sum assured to help support the family. On the other hand, if you check traditional policy, they only provide coverage to working individuals, but a joint-term policy can offer protection for non-working parents or partners as well.

Provides Protection Against Any Disability

A joint-term life insurance policy covers both partners and can include extra features known as riders. These riders can cover accidental death or disability, providing additional financial coverage based on your dependents. Additionally, disability benefits can help cover unexpected expenses that regular medical insurance generally does not.


A joint-term life insurance plan can be an excellent investment for couples looking to secure their financial future. A joint term insurance saves cost, has inbuilt illness coverage, is easy to manage, and provides protection against any disability for both. Moreover, with life constantly transforming, a joint-term policy can help you equip yourself for any eventuality. So, if you’re skimming for a straightforward and affordable way to invest in your family’s future, think of a joint-term life insurance plan.

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