A joint life insurance policy can bring great relief and peace of mind to husband and wife and can also work out cheaper than taking out two separate life insurance policies. A joint policy is taken out for a specified number of years at the outset and is based upon two lives which can be husband and wife or two partners, however it can be hard to understand so for the best advice and cheapest premiums on the cover you should talk with a specialist broker when considering taking out joint life insurance.
A joint life first death insurance policy will pay out a pre-defined sum of money upon the death of either of those names listed on the policy, the payout is made to the remaining partner and then the policy ends. Buying life insurance this way can often work out a lot cheaper and should be given consideration especially if both partners are working and bringing in a wage. However when buying joint life insurance it is essential to realise that if you purchase a joint life first death policy and the policy is paid out upon the first death this will leave the remaining person uninsured. You could also consider taking separate polices if you want to have the peace of mind of the cover still being in place and of course you would benefit from two payouts, which is especially useful if you have dependant children.
Joint life insurance premiums however do vary widely from provider to provider and it is essential that you shop around for the cheapest quotes. An online specialist broker is always able to get you the best deal for your insurance – including sometimes online discounts – and this will not only save you time but money.
They will also know which insurer would be the best one with which to place your business based on your circumstances, lessening the chance of your life insurance application being rejected.