With so many different insurance options out there, it’s important to do your research and find the cover that’s most appropriate for your needs and requirements. If you have a partner, then you may want to consider the option of choosing joint life insurance over single life insurance. But what is the difference between the two? Does having joint life insurance benefit you more, or is a single life insurance policy more suited for you?
Life Insurance Is A Must
Whatever you go for, life insurance is something you both will need. When you’re responsible for others or have assets like a property that has a mortgage that needs paying for, it’s important to secure your family’s future, should you die. With a policy in place, it can help provide that reassurance that everything will be covered. If you’re in a couple, though, and especially if you have children, you may wish to take out a joint policy. The choice you make between a single vs. a joint policy can vary depending on a number of factors.
The Differences Between Single & Joint Insurance
So what are the differences between the two? When getting life insurance, it’s worth doing a life insurance comparison to ensure you’re getting the best policy and plan for your money. Here are some of the differences between the two that are worth considering.
The cost of your policy will depend on you individually and can vary on age, occupation, your lifestyle habits, and the amount of cover you decide to have. With two single policies, you may think it would cost more than a joint one, but that’s not always the case. It’s important to review what you’re paying and what you’re receiving in comparison to other plans when it comes to deciding between single and joint policies.
The Level Of Cover
Depending on the level of cover you receive will also dictate which option you go for. With individual policies, you get the option of going for the higher amount of cover for the partner, who perhaps earns the most out of the two of you.
A joint policy would only pay out once, whereas if you’ve got separate ones, the beneficiaries of these will potentially get two pay-outs. This could end up being more financially beneficial, especially if the beneficiaries appeared on both life insurance policies.
What Are The Other Factors To Consider?
As well as the differences mentioned above, you may want to consider other factors that play into it. What if the relationship breaks down and you end up getting a divorce? This could result in higher premiums for both of you as a result of splitting the joint policy down to single policies. The type of life insurance available may also decide on what you go for, and having a difference in opinions on this could also sway your decision on single or joint life insurance.
Whatever you end up going for, make sure you are exploring both options fully before committing.