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Joint Life Insurance Comparisons
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You can choose your life insurance or critical illness cover from companies across the whole of the UK life insurance market such as...
Considering joint life insurance
Joint life cover is not your only option
Joint life insurance policies are available, but you should seriously consider two single life insurance policies as an alternative. With two single life insurance policies, if both policy holders die together, both of the policies pay out. Only one payout would occur with just one joint policy.
Having this double life insurance can provide a valuable additional payout to support surviving family members.
Also, two separate life insurance policies are more often suited in the case of policies that include critical illness cover. This is because if one policyholder is diagnosed with a covered illness, the other will not want their cover to be lost. This would happen with a joint life policy.
So, here are the alternatives: As a couple, you can take out joint term cover in both of your names. The policy then pays out if either of you die during the agreed term. One policy provides the coverage for both of you.
The amount of cover will be the same for you both. This means the life insurance company pays the same amount if the worst should happen to either one of you.
However, this is only suitable if the both of you need the same level of cover, and remember, a joint policy ends immediately following a claim. The survivor would have to apply for a new life insurance policy if they wished to continue their cover.
Interestingly, the cost of buying joint life insurance is often only marginally cheaper, if at all, than two single policies with the same sum assured for each one.
Two single life insurance policies versus joint life insurance: If you take out two separate life insurance policies instead of a joint one, the survivor’s own policy is still active, even though the deceased’s policy has paid a claim. Also, if both of you died, your dependents would get double the pay out.
Additionally, the amount of life cover can be different for each of you. So how do you decide which is best for you? You'll need to find out about both options to make an informed decision.
Will you be buying the correct joint life insurance policy?
Unlike many other life insurance advisers, we make recommendations drawn from the whole of the market, not just one particular life insurance provider or range of providers that we are tied to.
In addition to the considerations above, you will also need to ask yourself the following 7 important questions before you buy your joint life insurance (please bookmark this page now for future reference)...
* Exclusions - the circumstances when a life insurance policy doesn't pay out. * Flexibility - the reduction or increase of cover as your circumstances change. * Waiver of premium - a period of grace if you cannot pay a premium. * Future problems - if you choose not to use a professional adviser, you may not have access to complaints and compensation procedures if things go wrong. An adviser is your point of contact should something not go to plan. * Trust - advisers have got an interest in recommending the right life insurance for your circumstances as they will not wish to fall foul of stringent Financial Services Authority (FSA) rules. |
Also consider critical illness cover
Critical illness cover as an addition to your life insurance
Critical illness cover is a long-term insurance policy that's designed to pay you a lump sum on diagnosis of a varied range of seriously incapacitating or life threatening conditions such as loss of limbs, heart attack, stroke, cancer, blindness and many more.You can use the payout for anything you wish including medical treatment or to pay off your mortgage.
Check that you won't overpay for your joint life insurance now...
A qualified and FSA registered broker will help you discover a suitable joint life insurance policy and compare prices between companies. Please complete the FREE no-obligation, one-step confidential enquiry below. Your privacy is important to us, we do not share your contact details._____________________________________________________________________
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