Joint life Insurance

Most joint life insurance policies function on a basis of ‘first death’, meaning that the policy will pay out as soon as the first person dies. It is also possible to have cover written on a ‘second death’ basis, which might suit a couple who are looking to provide for young dependants.

With a joint life insurance policy there will be one possible payout. With separate life policies there will be the potential for two payouts so this needs to be considered when looking at life insurance quotes and what is important for your circumstances.

A number of other questions to ponder over would be: Do both potential policyholders require the same things from their life insurance?  Is the relationship stable? The last point is important for two reasons; many providers will not divide a joint life insurance policy once it is set up.