I am looking for term life for both my wife and myself. Is it less costly to have one joint policy or individual policies?

Less costly to have one policy with a spouse rider on it. There are good and bad reasons for have one policy and for having two. If you have one policy and then the couple split up who keeps the policy? And, if you can not afford it then the one policy cancels and no one has life insurance. So, there is good and bad for having one policy.

Having idea about Joint Policy looks less costly but you may face lot unwanted issues at the time of policy execution. I suggest, it's good to carry over with individual policies where the execution will be much quicker and safer than joint policies.

Yeah, I don't really like joint policies. You will see some rate reduction if buying both policies from the same carrier, but I don't recommend "first to die" policies...

Joint policies are a horrible idea. If you have an agent suggesting this - go get a new agent.

You want separate policies for a multitude of reasons. One of which being that the best company for you may not be the best company for her.