Making wise financial decisions at the right time is crucial. Life insurance is tailor-made for those who want to protect their family’s future.
When you walk down the aisle, you promise to take care of each other for the rest of your lives. Providing shelter, food, and raising kids is not enough. Other responsibilities creep in! One of the most crucial decision is to invest in life cover.
The majority of the couples in the UK, head to insurance agents to buy a joint life insurance policy. Here’s a quick post that talks about what joint life insurance is and the benefits you can reap out of it.
Let’s dive right into it!
Defining Joint Life Insurance Policy
The name itself is a giveaway. Joint life insurance policy the UK provides life cover for a couple. It involves two people purchasing the life cover.
In case one of the person dies during the tenure, the other person gets the payout. Once this payout is done, the surviving partner has to buy a new cover.
The Benefits Of Joint Life Insurance Policy.
- Joint life insurance is cheaper as compared to single life insurance.
- The surviving partner gets the payout after a spouse dies.
- Younger couple pay cheaper premiums.
What about the cons of Joint Life Insurance?
- The joint-life policy will be valid on first death. The surviving partner has to buy separate life insurance later.
- In case the couple separates/ divorces, the policy has to be converted to two different policies.
Should You Invest In Joint Insurance Policy?
There are a few downsides of joint insurance policy UK. When one of the spouses dies first, the other gets the payout. It may be too late to start a new single policy after your spouse bids adieu to the world.
Discuss the pros and cons of the policy with your partner. No matter how old you are, investing in a life insurance policy is always a wise idea.
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