Joint life insurance vs Single life insurance

Joint Life Insurance cover

A joint life insurance is a policy that insures two lives. It pays out when:

• Either of the insured dies first
• Either of the insured are diagnosed with a terminal illness (terms may apply).

You can select a Life Insurance policy With Critical Illness Cover that will pay out if you suffer from a pre- defined critical illnesses. Policies usually only pay out once from this cover.

When applying for a joint application the lives of the to be assured parties must have a recognised financial interest  in each other.

Examples:

• Registered civil partners or A Married couple
• Couples living together with joint financial obligations or responabilities maybe with a mortgage or dependents such as  children
• 2 adults who have a valid financial reason for the joint life cover maybe a joint mortgage or directors covering a business loan on a company

You can still have individual policies so that if one dies the remaining life still has life cover maybe for other reasons.  Also as a addition having 2 single policies if both lives ceased together maybe in a plane crash, car accident etc, there would be 2 payouts.