Do I get a discount if both my spouse and I apply?
That’s a reasonable question, since for some types of insurance, you can get better rates by insuring multiple assets under a single company. For life insurance, however, there is no special discount.
Usually, it's more cost effective to shop for coverage for each individual separately. The cheapest insurer for you might not be the cheapest insurer for your spouse, after all. By shopping for each of you separately, we at Wholesale Insurance can get the cheapest life insurance rates for everyone.
Some insurers offer spousal riders and child riders which you can attach to their products to extend your policy's coverage to your spouse and/or children. Unless these riders are joint-and-survivor insurance riders, however, it is still usually cheaper to shop for each individual's coverage separately.
Joint-and-survivor life insurance (also called joint life insurance, survivor life insurance, second-to-die life insurance, and last-to-die life insurance) insures multiple lives under a single policy and pays a death benefit only when the last of the insureds passes on. It's cheaper not only because it provides just a single death benefit for two lives but because it only pays off in the unlikely event that both of the insureds die during the term of coverage.
