Is joint life cover best for couples?
If you want to help make sure your loved ones will have financial security if you pass away, life insurance cover is the answer. But, if you’re part of a couple and you both need cover, should you take out single policies, or a joint policy that covers both of you?
With a single life policy, the insurer would pay out on the death of the policyholder and the policy would then lapse. With joint life insurance, however, the cover will apply to both policyholders and would pay-out either on the first or second death, depending on how the policy is set up.
Before you decide whether to take out single or joint life insurance policies, you’ll need to decide what type of cover you need, and this will depend on your circumstances:
You could also add critical illness cover to your life insurance policy, which means you’ll get a pay-out if you’re diagnosed with a serious illness and your claim is accepted. The type of conditions covered can include cancer, heart attack and stroke and will depend on the insurance provider.
Weighing up the benefits
Once you’ve agreed on the right type of cover, there are a number of other factors to consider to determine whether single, or joint life cover is best for you and your other half, including:
If you’re not sure whether single or joint life cover is best for you, or you’d like to review your existing cover, please get in touch.
Face to face advice.
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