Should the cover be on joint lives or separate lives?

It may be better to buy separate policies.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

Hot Topics

What do you need to know about Life Insurance?
Life Insurance pays out a tax-free lump sum if you die; there is no investment value.
Should you consider Mortgage Life Insurance instead?
Only if you have a Repayment Mortgage and want insurance cover for it.
Should you have a “Guaranteed” or a “Reviewable” policy?
With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.
Should the cover be on joint lives or separate lives?
It may be better to buy separate policies.
Can you have different levels of cover on a joint life policy?
Yes you can - but it may be better to buy separate policies.
Why? Because with a Joint policy, if there is a claim the policy will automatically terminate. The survivor is then left with no insurance cover and at an older age when it is more expensive to obtain insurance. It may even be impossible to get insurance due to deteriorating health.

Frequently Asked Questions related to the above topic.
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