Thinking of buying a critical or life insurance as a couple? Well, a joint policy seems to be what you might be both thinking’s about basing your choice on a number of reasons. The fact is, a joint policy provides you with peace of mind that your nominees will financially benefit after the occurrence of your deaths or critical illness. However, shopping for a joint cover may not be the best choice to go for as partners but choosing to purchase a single life cover under your identities seems to overdo the joint life insurance.

We’ve got reasons why you as couples, should consider separate life policies but let me briefly explain what single and joint policies mean. Keep scrolling…

The Distinction between Single & Joint Life Covers

By approaching an insurer for a joint policy, that means, both partners will be placed under a single protection cover and on the same laid out guidelines. For a single policy, each one of you shall have with him/her a separate plan with separate laid guidelines.

Opting for Single Rather than Joint Cover

Firstly, A joint cover has a single payout but with separate covers, one partner can successfully make a claim and the other can keep their plan.

Secondly, separate covers don’t cost much more and the extra charges don’t make one feel like losing money in the long run. It’s usually 6 to 10% additional costs and not twice like you might be thinking. Lastly, a joint life policy is complex when divorce happens. You can’t break the policy into two but with single life covers, it’s more helpful. Each one of you ends up with a separate cover and can proceed to cover children if any.

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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