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Joint or 2 singles policies?

Should I get joint life insurance cover or 2 single policies?

Life insurance is a great way to provide peace of mind that your dependents will be financially cared for in the event of your death. But if you are in a long-term relationship, is it best you take out a joint policy or two single policies?

When so much is done as a couple, from joint bank accounts to joint mortgages, it might seem logical to take out joint life cover too. However, this is not necessarily the best option, so it is important to understand the ‘pros’ and ‘cons’ of joint and separate life insurance.

What is the difference?

Issues to be aware of with a joint policy

Despite the relative simplicity of insuring yourself and your spouse on a joint policy, there are some serious drawbacks that you should make yourself aware of:

Only pays out once

The policy cannot be divided

Could force one partner to pay over the odds in future

Having separate life insurance policies can mitigate many of these issues, ensuring that both parties are adequately covered for the duration of their policy.

It also gives more freedom to find the right policy for each individual person and means your dependents won’t lose out in the event of a double loss.

Why use Reassured to secure your life insurance protection?

Talk to our Reassured consultants on 0808 168 2025 to discuss your options for both joint or individual life insurance cover. Alternatively Start Your Quote online today – it only takes 2 minutes.