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If you didn’t know already, you can actually get life insurance cover for two people known as joint life insurance. Many couples opt for joint life insurance as it can work out cheaper than buying two single life insurance policies. In this article, we’ll be taking a look at how it works and why it can be the best option for couples.
How does joint life insurance work?
Joint life insurance is a type of life insurance policy that covers two people under a single policy. Just like most types of life insurance, a joint life policy pays out a cash lump sum when you die. When you take out cover you start paying monthly premium payments to your provider.
Joint life insurance works on either a first death or second death basis.
First death pays out after the first death in the couple, the policy then ends. This means the surviving partner would need to take out further cover if required.Second death pays out after the deaths of both policyholders.
Types of joint life insurance
Joint life insurance can be bought as two types of policy – whole of life & term life:
Whole life insurance covers you for the remainder of your life – it has no expiry date. Both the pay-out and premium amount are fixed throughout the policy.
Whole life insurance can be bought as a standard policy or as linked to an investment fund, whereby your insurer invests the money paid for your premiums to cover the eventual pay-out sum.
If the investment does better than expected you can receive bonuses, however, if it fails your premiums may be increased to cover the loss.
Term life insurance only covers you for a set period of time (i.e 30 years), if you outlive the policy term, your cover is ended.
There are 3 main types of term life insurance:
Level term – Your pay-out amount & premiums remain the same throughout the policy term.Decreasing term – Used to cov… Read More
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