If you are in a relationship, you might be considering purchasing joint life and critical illness insurance along with your partner. You can take comfort knowing that the same policy will cover you and your partner in a dire situation. However, it might be better to buy separate life insurance and critical illness insurance policies.

Three reasons why you and your partner should invest in separate policies and critical illness cover.

1. You can get more coverage.

If you opt for joint life insurance, your beneficiaries will only receive a single payout. If you have children (or other dependents), getting separate life and critical illness insurance covers will be more beneficial for them.

For instance, if both you and your partner pass, joint life insurance will only provide a single payout to your dependents. On the other hand, separate life insurance policies offer double the amount of payout, ensuring that they are financially protected.

2. It is difficult to split the policy in the event of a divorce.

While nobody wants to think of the worst-case scenario for a relationship, it’s essential to acknowledge the possibility of a divorce, at least. If it does occur, joint life insurance is much more difficult to split among the two of you.

In some cases, it may not even be possible to split the cover. As a result, one of the partners might have to let the other have the entire policy and purchase a new one for themselves, or you’ll both have to agree to cancel the joint critical illness/life insurance cover to buy new ones.

Getting separate policies will prevent these complications.

3. The wait for the death benefit is higher.

For many joint insurance policies, the payout is not provided until both the policyholders pass. You can prevent this from occurring to some extent by adding a first-to-die to the policy. However, it only contains a portion of the death benefit of the dependents.



We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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