You might not know it yet, but you’re going to need joint life insurance. Maybe you already are, and maybe you’ll be buying it for the first time in your life. Maybe you live with a couple of other people and need some extra peace of mind in case something happens to one of you. Or maybe you’re a solo traveler who just wants to be prepared for anything.

Even if you don’t know it yet, your future probably has a joint plan B tucked away somewhere. It might not be something that everyone thinks about when they think about insurance. But joint life insurance is one of the best options out there — and it can help keep everyone happy while still covering your bases should something unfortunate happen to either or both of you.

What is joint life insurance?

Joint life insurance is insurance that covers you and your partner when you’re both alive. It’s usually sold together with the underlying life insurance policy. If you have life insurance that covers you and your partner in the event of your death, you could choose to buy joint life insurance instead. Joint life insurance exists to cover the costs of one person’s death if the other person is 80 or older and not expected to live long enough to pay for it.

Why buy joint life insurance?

It’s a great idea to have some level of joint life insurance. You may not need the most expensive type — in fact, cheaper options work just as well if not better than the most expensive ones. The main reason to get joint life insurance is to help ease some of the stress that comes with surviving on your own.

You may not need the most expensive type of life insurance, and cheaper options can provide just as much coverage if not more. You might not need the most expensive type of life insurance, either. Some people choose budget-friendly policies because they want to be as financially secure as possible, while others like insurance that comes with a higher level of protection.

How to buy joint life insurance

Before you can buy joint life insurance, you’ll need to decide on a policy type. There are many different types of life insurance. The most common forms are whole life, universal life, and employee benefits. You can also get term life insurance, which covers you and your partner for a set period of time, and income-based life insurance, which pays you when someone dies who had access to insurance coverage.

You’ll want to get as much coverage as possible, since the higher the coverage, the easier it will be for you to pay for any loss. Some policies will cover your spouse, too, which you can choose to add to the policies you buy for yourself and your partner.

The benefits of buying joint life insurance

Since you’ll be shopping for joint life insurance with your partner, you can take some time to consider your needs and wants. You can discuss the options and benefits of various types of insurance together. If you’re single, you can shop for joint life insurance without your partner. You can shop for separate policies without him or her.

But when you’re going to be buying your own policy, you’ll need to consider your likes and dislikes together. You can’t just buy whatever type of life insurance you want. You need to buy the right type for you and your partner. Some insurance providers will only sell life insurance to married couples, but there are ways to remedy that. You can shop around to different providers until you find one that suits your needs.