Two For One? Life Insurance For Couples
If you and your partner have shared financial commitments, it makes sense to consider a joint life insurance policy. But is it better to take out one policy or two?
A joint life insurance policy covers two people but usually pays out once. This means the cover will end after the death of the first policyholder. So why choose a joint policy?
One key reason is that it can be cheaper. This might be especially helpful if one person would be more expensive to insure. On the other hand, if one person earns a lot more, you might want extra cover for that person, in which case individual policies might be better.
Whatever you decide, having some sort of cover is the most important move – especially if you have dependants.
As with all insurance policies, conditions and exclusions will apply