So if you are trying to weigh up the benefits of a joint policy verses two single policies the main pro of a joint policy is that it is likely to be cheaper than two single policies. If you are married but have no dependants it is also likely to be much less hassle setting up just one joint policy compared to two single ones. But if you have dependants you will only get one payout, usually on the death of the first policyholder whereas single policies, pay out twice to dependants.
One of the other issues can be that if you split up with your partner you may have to cancel the joint cover and buy two single policies, priced on your new age and health, which will almost certainly be more expensive. Two single policies will pay out on the death of each person, rather than just on the first death, but two singles policies are typically more expensive. If you are married with dependants and determined to stay married a joint policy may be sufficient but it is worth knowing the pros and cons. Enable’s experienced IFAs in Bishops Stortford can help you decide.
Source: Money Saving Guide
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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