Can my spouse and I get one policy?

Yes, there are two types of life insurance policies that allow for spouses to purchase a joint life insurance policy: First-to-die: this means that 100% of the life insurance coverage will be paid out to the first spouse that passes away to be given to the second spouse. Typically, first-to-die policies are more expensive than a normal life insurance policy. Since the life insurance company is insuring 2 lives vs. 1. Second-to-die: this means that 100% of your life insurance coverage will be paid out only after both spouses pass away and be given to their beneficiaries. Normally, we recommend that each spouse get their own life insurance policy, that way they can protect each other in the case of a life emergency and maximize their coverage amount overall for what they are paying in premiums.