For many couples securing a joint life insurance policy can be tempting, this is because you can save up to 25% compared to two separate policies.
A joint policy covers two lives simultaneously, so there’s one premium to pay between both parties.
However, there’s also only one life insurance pay out which will usually happen after the first death.
This leaves the remaining partner uncovered and needing to secure a new policy later in life, which can lead to higher premiums due to older age.
With a joint policy, if either party has less than favourable health, smokes or is deemed high risk for a particular reason, you’ll both experience inflated premiums.
Although having two single policies can be more expensive, it can provide a more comprehensive solution by providing two separate pay outs.
And if one is deemed higher risk than the other, only the person deemed as high risk will need to pay higher premiums.
Alternatively, if within your budget, it’s possible to secure both a joint life insurance policy with your partner well as single policies to protect each individual life.
This way your joint assets will be protected but you’ll also have your own cover if anything were to ever happen, (for example, if you were to get a divorce).
The table below shows a price comparison between a joint level term policy and two single policies.
These quotes are based on a non-smoker in good health, securing £100,000 of cover over a 20-year term:
Why not use our award-winning broker service to compare both joint policies and single policies to find your best option?