What is a Joint life cover policy?
It is a single policy that covers two people.
There are advantages and disadvantages to both. Advantage to getting joint life insurance is that typically, it is somewhat cheaper than two single policies. It might be very less yet can have a significant impact!
So, what is best? Should we have single or joint cover?
When looking at the differences between single and joint life policies, one thing that is easy to spot is the optional ways of paying out a joint-life policy. These can be dealt with on ‘first death’ or ‘second death’ terms. ‘First death’ is a lot like a single cover policy where the payout is released if any of the two passes away. It’s an interesting take on life insurance that can work very well for some families. The problem with a first death policy is, it leaves the surviving partner uninsured.’ Second death’ this policy does nothing to help the surviving partner on the death of the other party, as it only pays out if both are deceased. Too many people try to find one life insurance policy to work for all situations, but this isn’t the case. Life insurance policies are designed for different needs.
The Failings of Joint life insurance.
Even the best joint life insurance cover can’t deal with everything life has to throw at you. Here are some disadvantages to joint life insurance:
- Difficulty in understanding the terms and conditions.
- Single instances of Critical illness cover.
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