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Although joint life insurance is an insurance policy that covers two people, it will only ever pay out once. This payout is usually as a lump sum when the first of the two people insured dies. But there is no other payment to the surviving partner when the policy term comes to an end.
How a joint life insurance policy works will very much depend on the policy taken out but it will cover two people under one policy. It isn’t limited to married couples but might also prove suitable for people in long-term personal or business relationships.
Generally, a joint life insurance policy will run for a length of time agreed between the policyholders and the insurer will only pay out on the death of one of the two policyholders. Once a payout is made, the policy usually ends.
There are two kinds of policies:
What a joint life insurance policy covers can vary from policy to policy but a payout could help cover a range of financial commitments such as:
The cost of a family health insurance policy will vary depending on a number of factors. These include:
Selecting a joint life insurance policy means that two people will be insured under one policy.
With a single life insurance policy, only one person is insured with a payout being made on the death of the policyholder. Even if you’re married or have a long-term business partner, you may choose to have two separate policies, which would each pay out on the death of each respective policyholder. Alternatively, you may choose to take out a joint life insurance policy, which is likely to be cheaper.
Taking out a joint life insurance policy can offer you and your partner several benefits such as:
Whilst we’ve highlighted the benefits, there may also be some disadvantages to taking out a joint life insurance policy. These might be:
Finding the best joint life insurance policy will very much depend on your own circumstances. Realistically, you’ll need to work out what you can afford to pay in premiums and what you think you and your family might need for future financial security.
You might want to consider whether it is better for you and your partner to take out a joint life policy instead of two single life insurance policies.
It’s worth remembering to do some research and compare policies to find one that matches your requirements. As well as looking at how low premiums are compared to the final lump sum payout, it’s worth looking into any restrictions and limits.
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