Single Life Insurance cover
A single life insurance policy insures only you and pays out on one of the following:
- Only on your death
- You’re 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.
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.