- As its name suggests, joint life insurance cover is one that insures two lives. It pays out when the first person dies (commonly called 'first to die') 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.
When you apply through us, your application will be processed by our partner, Direct Life & Pension Services Ltd. You'll be assigned a dedicated case handler who'll liaise directly with your chosen insurer, keep you updated on the progress of your application and advise you on acceptance.
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