One Policy or Two?

One Policy or Two?

Couples have a lot of things in common, and that can include financial commitments like bank accounts and mortgages. However, when it comes to life insurance it can make sense for each partner to have their own separate policy.

A ‘single’ life policy provides cover for that person only, and pays out the amount of cover provided under the policy if the insured dies during the policy term. By contrast, a ‘joint’ policy covers two lives, normally on what’s referred to as a ‘first death’ basis. This means that the policy pays out if during its term one of the policyholders dies. As the policy is designed to payout only once, it will come to an end.

Joint policies and divorce

It’s also important to consider what might happen if there was a joint policy in place and the relationship breaks down. There may be options available to you, such as keeping the policy as it is, splitting the policy (although many providers do not allow this) or cancelling the current policy and taking out new single life policies. However, this will all depend on individual circumstances and needs and we recommend you seek financial advice.

The right cover for both of you

Whilst one joint policy could be more affordable than two single policies, depending on personal circumstances, it makes sense to think about each partner’s life cover needs separately. With many families these days reliant on two incomes, it can make financial sense for each partner to have their own policy in place. That way, they can each tailor the amount of cover and the length of the term to their own specific needs. This can be particularly relevant if you and your partner are different ages and in different states of health.

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How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.

£
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This should be the approximate amount currently outstanding on your mortgage.

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Debts do not ordinarily die with you so ensuring there is enough capital to repay any additional borrowing in the event of your passing will prevent your loved ones being pursued for your debts.

£
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If you wish to leave a lump sum inheritance to a loved one place it here.

£
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According to Dignity, the average cost of a funeral in the UK today is almost £5,000 but may be more depending on your requirements.

£
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The Child Poverty Action Group estimates the cost for a couple to bring up a child from birth to age 18 at £160,692 in 2021.

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Add up any existing life insurance plus any cover you may hold with your employer plus any savings as this will reduce your overall life cover requirement.

Your total cover estimate

£ 0

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