Single or joint life cover?

What is Single and joint life cover?

Taking out life insurance cover gives you peace of mind knowing that your dependents are financially secure for if the worst was to happen. There is always a bit of confusion with couples, or business associates, whether it will be beneficial to take out a single or joint live insurance policies.

If you are in a relationship it might sound like a no brainer to go for a joint policy, but this is not always going to be the best option. We have come up with a few benefits and drawbacks with both single and joint life policies.

Single Life Insurance

Single life insurance policy covers just one person, and pays out the cash sum if that person dies during the policy term

1. If both partners die during the term of their policy then two amounts will be paid out.

2. A single policy can be cheaper than taking out a joint policy.

3. Will cover each partner in the event of death.

4. If you or you partner pass away first then the life cover will still exist on your partner.

Joint Life Insurance

Couples and business partners most often use joint life insurance policies. The main purpose of joint life insurance is that it covers two people who are usually life partners.

1. The is generally cheaper than two single policies

2. In event of death only one sum assured will be paid out in the event of death.

3. Once the insurance policy has been made then the surviving partner will be left with no life cover. This means if you were to take out a single policy it will be more expensive due to age and health.

Couples and business partners most often use joint life insurance policies. The main purpose of joint life insurance is that it covers two people who are usually life partners.

So, when you make the decision between single and joint life insurance make sure you’ve considered all of the options and choose the cover that suits you best. If you cannot decide, one of our insurance brokers will take your current living situation and find you the best policy that suits you.