Joint life insurance policy
What is Joint Life Insurance?
Joint Life Insurance will protect two people under one policy. Our joint policies will pay-out once only, on the first person who passes away and a claim is made within the policy term. After this claim, the joint policy will end.
About the application
A joint insurance policy will mean you only need to complete one online application, where we cover the questions for both of you.
Before completing the joint life cover application you will need both of you there to complete your own personal details. Note that whoever the first applicant is will automatically act as the lead policyholder.
What are the differences between joint and single cover?
One key point to cover when making your decision is whether you need one or two pay-outs. If one pay-out will suffice, then a joint policy may be better as it meets your needs.
| Joint Policy | Two Single Policies |
|---|---|
| Covers two lives with one policy | Covers two lives with two separate policies |
| Pay-out is claimed upon the first death only | Payout can be claimed on both lives, as they are kept under separate policies |
| In the event of separation or divorce, joint cover may not suit your needs | Easier to keep yourself covered in the event of a divorce |
| A joint policy cannot be written in Trust | Policies can be written in Trust |
A joint policy could represent a risk as it cannot be placed in Trust, meaning the beneficiary of the pay-out isn’t chosen by yourself in the circumstance that both policyholders die at the same time.
The final choice: a joint vs single policy
Whether you opt for a joint policy or the option of two single policies, it is important that you financially protect your loved ones.
Typically, married couples take up joint life cover. However, research shows that the population for single people has steadily increased from 2002 to 2014. If these people were to have a joint policy in place, it’s worth bearing in mind that policies can’t be amended so they may have needed to cancel their joint policy and take up single cover. In this instance, a single policy can potentially save time in the long run.
Consider adding Critical Illness cover for you or your child
Critical Illness (CI) insurance covers you against the diagnosis of one of our listed critical illnesses (see here). No matter if you are taking up a joint or single policy, you could add CI to your policy, although joint CI follows the same principle as life cover whereby the pay-out only applies to the first claim. You can also include child CI, often for just a few pence on top of your own CI policy.
Who gets the money if I die?
If you have put the policy in a trust, the family or friends you have chosen e.g. your spouse, children or other dependants. If not it becomes part of your estate. If one policyholder from a joint policy were to die, then the pay-out would automatically go to the partner of the policyholder. However, it is worth noting that joint policies cannot be placed in trust, so in the unfortunate event where both joint policyholders die then the pay-out becomes part of your estate.
Why do I need life insurance?
If you have responsibilities in life, such as paying for your home or protecting your family, then Life Insurance can financially support these responsibilities if you die. You could also become critically ill, meaning you can no longer work for a living. Planning for the unexpected can save you and your family the stress that comes from added financial responsibility.
What is life insurance?
It is the financial security which provides protection for you and your family. You pay a monthly premium and we pay-out a lump sum if you die during the policy term. You decide the term length and policy value when you get a quote with us. Life Insurance is personal for you, meaning no two policies will be the same.
Can I use the same email for separate policies?
In any instance whereby you are completing a quote for multiple individual life policies instead of a joint policy then a separate email will be required. This is for added security for each account. For additional support to resolve your query please phone our expert team on 0800 247 247 (Mon‑Fri 8am‑9pm, Sat 9am‑5pm, Sun 10am‑3.30pm).
What is the difference between a joint policy and two single policies?
A joint policy is typically cheaper than two single policies. Both policies cover two lives, but the key difference is that a joint policy only pays out once for whoever dies first. Having two single policies on the other hand will cover you both separately, which means the maximum pay-out is higher as both single policies will pay out if you both die.
