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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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If one person is the main wage earner then people usually buy insurance on the main wage earner's life. If both spouses earn equally then a joint life policy might make sense. Whether you have children and who cares for them is another consideration. Figure out what would be affected if your income was lost or your wife's income. If she does not work but is taking care of children then what is your cost to replace the child care if she dies.
 
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