Single vs joint life insurance
Summary: A single life insurance policy only covers the policy holder and will therefore only pay out if they die, whereas joint life insurance covers a second person under the same policy.
What is single life insurance?
A single life insurance policy only covers the policy holder and will therefore only pay out if they die, whereas joint life insurance covers a second person under the same policy.
What is single life insurance?
Single policy life insurance covers one person, paying out a cash lump sum if they die. If you and your partner decide to take out two single policies, then a payout could be claimed for each policy if the policyholders die within the term. Some couples prefer to have two single life insurance policies, which ensures the surviving partner still has cover after the first death, these policies are more common where there is a child or dependent.
If you choose this type of cover then you get to decide the amount your policy pays out, along with the length of time the cover runs for so you’re in control of the premiums you pay.
What is joint life insurance?
Joint life insurance covers two people on one policy and only means paying one monthly premium. Joint policies are typically cheaper than two separate policies, they are suitable for several circumstances such as a mortgage, shared debt or responsibility.
It’s worth noting that if one of you dies during the policy term, your loved ones will receive a lump sum payout, but the policy will no longer exist for your partner meaning they’ll need to take out a new policy if they want to continue being covered.
Applying for a joint life insurance policy means you only need to complete one online application, covering questions for both policyholders and you’ll both need to be there to provide your own personal details when you apply.
Got a spare 3 minutes? Click here to get your quick quote to see how much cover would cost for a single or joint policy.