Arranging joint life insurance can save, on average, 25% on your monthly premiums.
Therefore, for families on a tight budget, it can seem like an appealing option.
However, the biggest downfall with joint cover is it'll only pay out upon first death.
This can leave the surviving partner uncovered and having to arrange new cover at a later stage in life when they're likely to experience higher premiums.
Equally, when joint life insurance is used to protect two parents, if both were to pass away simultaneously, the pay out may not be sufficient to cover this twin loss.
As a result, if your budget allows, it may be more beneficial to arrange two single life insurance policies.
We’ve used our award-winning broker service to compare the cost of two single policies and a joint policy. Prices are based on a non-smoker in good health, for £100,000 cover over a 20-year term:
To compare both joint and single policies, contact our award-winning team to receive your free quotes.