Joint Life Insurance protects families from financial hardship by paying out a one-off lump-sum if either of the policyholders die during the term of the policy. The money can be used to pay off mortgages and other outstanding debts as well as providing a source of income for everyday living.
It is often a cheaper option than buying two separate policies for each individual.
Premiums are paid monthly and the cover is set for a fixed period of time, often for the length of a mortgage or up to the age of retirement. The amount of joint life insurance cover varies according to how much you and you partner can afford and how much cover you think you need to pay off debts and provide day to day income.
The Premiums are affected by various factors including the sum to be insured, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits.
Insurers historically pay 99% of all life insurance claims - when they don’t pay out, it is usually because the policyholder was not truthful on their initial application about an existing health condition or a regular dangerous pursuit which led to their death. All insurers cover Covid-19 Coronavirus.
