Joint Life Insurance
- Home
- /
- Family protection
Joint Life Insurance is designed for couples, whether married or not. Both people in a relationship are covered by the same policy, involving one application and one regular payment per couple. With joint life insurance, partners are insured for the same amount, so the pay-out is the same whoever dies.
This can sometimes be more economical than buying two separate single policies. This type of policy only pays out once, so the sum assured must be enough to cover at least the total outstanding mortgage amount. You can choose to add any additional cover to be used for bills and expenses plus any extra money you want for your family. If one of you passes away during the term, the sum assured is paid to the other. The policy will automatically end after the pay-out. If both of you pass away at the same time, the money is usually added to your estate, unless you’ve written the policy in trust. The lump sum will then be paid to your chosen beneficiaries straight from the provider, tax free and avoiding lawyers and probate.
Types of joint life Insurance
First Death – This is the most common form of joint life insurance. The policy will pay out on the death of the first person while the insurance policy is running.
Second Death – This only pays out once both people have died. They tend to be used for inheritance tax planning purposes.
What happens if your relationship ends?
Some policies now offer a separation option, meaning the policy can be split and continue without either policyholder having to go through underwriting.
Joint life insurance can be a great choice for some couples, but it isn’t for everyone. A joint policy tends to be less expensive than two individual policies, so could be better for those on a budget. It is a good option if one partner is unable to qualify for their own life insurance policy. Although, check with your adviser as underwriting will take into account the health and lifestyle of both parties so it could cost just as much if one spouse has high-risk medical issues.
It is always important to understand if a policy meets your needs, that why we have advisers to hand.
Book a call with one of our trusted advisers.
Joint Insurance: Strengthening Your Loved Ones’ Financial Security Together
When it comes to securing your family’s financial future, joint insurance presents a compelling option. This type of insurance covers two individuals under a single policy, making it an appealing choice for couples, partners, or business associates. Joint insurance stands out for its convenience, cost-effectiveness, and comprehensive coverage, making it a wise investment in your family’s financial well-being.
One of the key advantages of joint insurance is its convenience. With a single policy covering both individuals, managing the insurance becomes simpler and more efficient. This means one policy, one premium, and one renewal date, streamlining the administrative process and freeing up valuable time for other priorities.
In addition to being convenient, joint insurance is also cost-effective. Typically, the premium for joint insurance is lower than the combined premiums of two separate policies covering each individual. This affordability allows you to secure comprehensive coverage without stretching your budget.
Comprehensive coverage is another significant benefit of joint insurance. In the event of a tragedy, the surviving individual receives the policy’s payout, providing vital financial support during challenging times. This coverage can include death benefits, critical illness cover, or total and permanent disability benefits, depending on the chosen policy.
Moreover, joint insurance can offer enhanced benefits such as shared medical underwriting. This means that medical examinations and underwriting procedures are done only once for both insured individuals, reducing the paperwork and streamlining the application process.
For couples or partners, joint insurance can also provide valuable benefits, such as the option to add children to the policy. Some joint insurance policies offer coverage for children, ensuring that the entire family is protected under a single policy.
Customer service is another crucial aspect of joint insurance providers. Many companies offer personalised support to help you choose the most suitable policy for your needs and provide assistance throughout the policy’s duration.
In today’s digital age, most joint insurance providers offer user-friendly online platforms. These platforms enable you to manage your policy, make premium payments, and access important information with ease and convenience.
Protect your loved ones and strengthen your financial security with joint insurance. With its convenience, affordability, and commitment to customer support, joint insurance is more than just a policy; it’s a shared commitment to safeguarding your family’s financial well-being.
Life Insurance
Life insurance provides a lump sum in the event of death during the term of the policy. Life insurance will be paid to your loved ones and can be used to ensure your family can maintain their lifestyle should anything happen to you.
Critical Illness Cover
Financial worries are the last thing you want to be dealing with should you become critically ill. A critical illness policy will pay a lump sum, upon diagnosis of a qualifying illness. These conditions will vary depending on the chosen insurer.
Income Protection
Income protection is a form of insurance cover that can provide a regular income if you are unable to work due to long-term illness or injury. This type of protection will typically provide policyholders with between 50-70% of their incomes, in a regular monthly payment.
Mortgage Protection
A mortgage protection policy is a life insurance policy that protects your loved ones in the event of your death during the term of your mortgage. If you become seriously ill or die, mortgage protection is designed to clear your mortgage balance in full to protect your family.
