Have you ever wondered whether you and your partner should be on one single life insurance policy? Or should you each have your own? In this article, we go into joint life insurance options. But like most things insurance-wise, we are here to demystify the process. Here is a quick outline to get you thinking about the options. But just hit ‘reply’ for an instant chat about your life cover.
So, do we need a joint life cover policy? Or one each?
The other person's policy is affected in the event of claiming on one person. Think, if a claim arises on a joint life plan. The surviving life would lose their cover. Unless the insurer offers a life or critical illness buyback option.
More cover for a fraction of the cost
If something happens to you and your partner. Your loved ones would receive double the payout. Each half has their own policy to provide financial support. . Should the worst happen.
The case for joint cover
There are scenarios where joint cover is the most appropriate option. The most obvious is where the sole purpose of coverage to repay a debt. Such as a mortgage.
What about dual cover?
Dual life cover is a fairly recent innovation. Where a couple is covered under their own separate personal policies. Packaged together like a menu plan. The advantages of dual cover are effectively those highlighted above. With the added benefit of everything being packaged together and discounted multi-policy rates.
What must you consider?
Two single life plans provide more coverage and more flexibility. It is, however, more expensive. The options need to be explained clearly to understand the cover options.
Speak to us today to understand more about your life insurance options.
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