Why Would you take out Joint Life Insurance?
The reason why you might take it out is that you may only need one payout, and so 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. Taking out two policies also tends to bring about fewer inheritance tax issues.