Joint life insurance
If you’re in a relationship a joint life insurance policy may be the best option for you. If the unthinkable happens, you may find it hard to cover all the costs on your own even if your partner earns a lot less than you.
A joint policy will often be cheaper than taking out two single policies. This may not be true if either of you have an existing medical condition, since your health, as well as your partner’s, are both factored into the cost of the policy. Also, unlike two separate policies which can both pay out, a joint policy usually only pays out once on the first death.
The length of policy is flexible. You may want it to run until both of you retire or for longer. If your main reason for having a policy is to cover your mortgage debt, you can arrange to have a level of protection which decreases over time. That way you won’t be paying for too much cover.
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