What is joint life insurance?
As its name suggests, joint life insurance cover is one that insures two lives. It pays out when the first person dies within the term of the policy and at that point, the policy will then lapse. Cover for both lives can also be arranged by having individual policies.
If you only need one payout joint cover may be the best option as it tends to be cheaper than buying two separate policies. However, it must be remembered that in the event that one of the policyholders passes on, then the survivor will be left uninsured.
In addition, taking out two separate policies (which may not necessarily be that much more expensive) would be easier to administer in the event of separation or divorce.
According to the Office for National Statistics information on registered deaths in England and Wales in 2011, married couples in their 50s are up to four times more likely to pass away than their married counterparts in their early 40s. So making sure you have sufficient protection in place for the both of you for an appropriate term is important.
For more information on the differences between joint life insurance and individual policies, feel free to have a read of our guide.
Useful tools and guides
We've also researched and written lots of guides and tools to help you try to find the policy that suits you best, here are some guides you might find useful.