Joint Life Insurance
One life policy covers your financial commitments so that you and your partner have protection when you need it most.
What is a joint life insurance policy?
You could each take out single life insurance policies. That means you would both have to pay premiums and each policy would payout if the policyholder died.
Many couples find it more economical to take out a joint policy. You pay one premium and the policy pays out once, when one of you dies. That covers the major financial commitments like your mortgage and ensures that whoever is left will have one less thing to worry about.
Who benefits from a joint life insurance policy?
Partners with joint financial commitments benefit most from a joint life insurance policy. If your finances are linked, it makes sense to link your life insurance. Joint financial commitments include a joint mortgage. Mortgage providers are usually satisfied with one joint policy as that covers the mortgage debt in the event of one party’s death.
Can I have joint illness cover with life cover?
Absolutely. Critical illness cover pays out if the covered party becomes seriously unwell. You can add critical illness cover to your joint life insurance policy so that if you or your partner has a critical illness, your policy pays out. This provides enormous peace of mind at a time of great stress and worry.
What is the benefit of joint life insurance?
The main benefit of joint life insurance is cheaper premiums as your insurance company will only ever have to pay out once instead of twice if you have single policies.
While the difference in premiums may seem small on a monthly basis, consider how many years you may be paying for and the amount builds up significantly.
Does joint life insurance payout twice?
Simply put, no. Life insurance pays out once, whether it is a single or joint policy. Most couples need only one joint policy to cover mortgages and protect the surviving partner.
Single vs Joint Life insurance
Most couples only need a joint life policy but single life insurance policies might be better for some couples. If you split up, you would probably want to take out your own policy so some couples stick with single life policies to cover that eventuality. You may have taken out a single life policy before you met your partner and if you were young and fit, it is likely the premiums were low and it may be worthwhile sticking with that.
The best thing to do is to get a quote for single life insurance and another for a joint policy. That will allow you to judge what is the best option for you.
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