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Should I own my term life insurance policy or should I jointly own it with my wife?
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29 Oct, 2021
by Daniel Recker
This is my first time purchasing Life Insurance. I am planning to purchase a Term Life Insurance policy. It gives me an option to own it myself or jointly own it with my wife. What are the considerations when choosing among the options?
Also is one option popular with married couples over the other?
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Hi Daniel,
Follow the thumb rule of term insurance - buy it for your wife if she has an active income and makes a financial contribution towards the household.
If your wife works, it is best to buy a separate term insurance for yourself and your wife.
Best,
Asad