Joint life insurance can be the right choice for a family

Joint life insurance can be the right choice for a family.

This is especially so  if you are reviewing your level of Insurance cover going forward. In the awful situation that you or your partner passed away, you need to consider the financial implication if it happened to either of you.

How does joint life insurance work in practice

The detailed terms of each policy will vary but most policies work in the same manner.

The policy covers two people in one policy. It is a policy that is often taken out by a couple (married or in a relationship) or by people in a business relationship.

The term of the policy will be agreed at the start of the policy with your insurer. The length is something you should take time to consider since you are usually committing for a long period.

A pay-out, normally a lump sum will be paid out on the first death. After this the policy normally ends.

We have also written articles about how life insurance works which you may find interesting alongside this article. Why not click on the link below and read one of our other articles:

Life insurance how does it work

What is the cost of joint life insurance

The cost of joint life cover will vary depending on a range of factors. Here are some of the main issues you should consider.

• Level of Life Insurance cover- There is a big variety in levels of covers so it is wise to get several competitive quotes, so you get value for money.
• Your ages- Age and medical risk go hand in hand. In general, the younger you are the lower the premiums should be.
• Your medical histories- You are likely to have to fill in a medical questionnaire and this will have an impact if you have a pre-existing condition. In some situations, you may also have to have a medical examination.
• Your lifestyles- If you are living a healthy lifestyle then this will help to reduce premiums. Lifestyle from an insurance point of view is referring to matters such as exercise, diet, alcohol consumption.
• Smoking – If one or both of you smoke, this will increase the premiums.
• Your jobs- Some employments are considered riskier than others. If your job is considered riskier by an insurer, this will impact on your premiums.

There may be other factors that an insurer will want information about. Make sure you give full and accurate answers to the insurer, or you will risk invalidating your policy just when you need it.

Life insurance joint or single

A joint policy as explained above cover two people in one policy. By comparison a single life policy cover only one person and a pay-out is made on the death of that person.

You may decide that you want a separate policy for you and your partner in case either of you passed away. In this context the main advantage of a joint policy is down to cost. A joint policy will normally be cheaper that two singe policies.

How to find a joint life policy to suit you

Joint life insurance can be the right choice for a family but there are a lot of factors to consider in making a decision. Why not get in touch with us at My Life Insurance and we can get you the information you need to make a decision