Why you should buy separate policies?
If you have a partner or a family it is obvious that you will consider buying a joint policy but according to experts, it is better to have different policies. Buying a joint policy can give you some peace of mind that your near and dear ones will be financially taken care if you die but buying a joint life insurance policy is not the right thing to do. As buying a joint policy will have only one payout. For example, if you are a married couple and both die in a car accident then dependents will receive one lump sum amount from the policy. Whereas having two separate policies will help in getting a bigger amount from separate policies.
Is there a difference between single and joint policies?
If you buy a joint policy then you and your partner will be covered under the same plan with the same terms and conditions. Whereas buying separate policies will double the cover. The same is true for critical illness cover. If one person falls ill and makes a claim the other person remains covered by another policy. One of the main reasons people opt for these covers is because joint policies may work out to be cheaper as you may be paying one policy fee instead of two.
It doesn’t cost much more?
The additional cost of buying a separate policy is not as huge as you may be imagining. Usually, it is around 5 to 10 per cent more expensive than a joint policy and not twice as expensive as most people assume. So paying a slightly higher premium will be more beneficial during some unexpected crisis in life. However, it is better to have a joint policy rather than not having any policy.
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!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00