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Joint or 2 singles policies?

Should I get joint life insurance 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 insurance too.

However, this is not necessarily the best option, so it is important to understand the ‘pros’ and ‘cons’ of each option.

What is the difference?

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Issues to be aware of with a joint policy

Despite the relative simplicity of insuring yourself and your spouse with a joint policy, there are some 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

Are separate policies the way to go?

Yes. We believe in most circumstances having 2 single policies would be more beneficial.

Separate life insurance policies would ensure that both parties are adequately covered for the duration of their policy. It would protect dependents with double the cover protection too.

It also provides more freedom for each person to find the right policy for their unique needs. What’s more , f your relationship does break up, little needs to change as the policy can go with you.

Why use Reassured to secure your life insurance policy?

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