If you have children it's essential that you have life insurance. Also if you have a partner or someone else that depends on you financially who wouldn't be able to cope financially without your income you also need life insurance.
If you are a couple when you shop around for life insurance you should get quotes for both single and joint life cover. Depending on your particular circumstances you could save money buying the policies together or separately. However you need to bear in mind that if you have joint life cover the policy will end if one of you dies. It could then be too expensive for the surviving person to take out another policy if they still need life insurance protection for their family. A joint life cover policy to pay off the mortgage could be cheaper than two single policies, and as the mortgage will be paid off the surviving person probably won’t need to buy another policy anyway.
Joint life insurance to cover your mortgage
A joint life insurance policy pays out when one of you dies and can be used to pay off your mortgage. This should be fine though as the amount of cover you both need is the same and once the mortgage is paid off the surviving partner will no longer need a life insurance policy to cover the mortgage.
Single life insurance policies to provide for your family
It is advisable to have separate life insurance policies to provide money for your children. This is a good idea not only because you may be different ages and have different medical histories, but also because when of you dies the remaining partner will still have life insurance in place to protect your family. It could be much more expensive to buy a new life insurance policy as you will be older and could have medical problems.
How to find the right joint life cover
Life insurance is complicated and it's essential that you choose the right policy. We specialise in life insurance and will search the market and help you find the right cover at the best price available. Quotes for life insurance are free and you are under no obligation.
Compare joint life insurance today!