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If you and your partner are looking to take out a life insurance policy then you should consider taking out joint cover instead of two separate policies.
What is Joint Life Insurance?
Joint life cover, as the name suggests is a life cover plan for two or more people jointly. In other words, the insurance where the lives of two or more people are covered together under a single policy is called Joint life cover insurance.
Under Joint life cover, the claim can be made after the death of first insurer as well as after the death of the second insurer. The conditions and quotes are similar to that of term life cover, but the people insured under the policies are more than two.
A single policy insures more than one person. The premium gets divided between two people and the return is also valid for both. In case of maturity, the return is also quite huge with added benefits. Joint term cover is a suitable and beneficial cover plan for couples, business partners and other people who are associated together financially.
Compared to the other life cover, joint life cover has higher premiums. The premium to be paid to the insurer is quite high, so it becomes even more important to shop around for the best quote. On the other hand, joint life cover pays once after the death of the policyholder, leaving the other person uninsured thereafter.
The best alternative solution for joint Life cover is to take up two different life cover policies. This might increase the premium a bit as the number of policies will increase to two, but both partners will be equally secured and insured. You can also tailor each policy to individual requirements.
Buy cheap joint life insurance cover
We work with brokers to provide the best value joint life insurance plans available in the whole of the market. Click on 'Get a free life quote' and we will help you find the best value cover. Our service is 100% free and you are under absolutely no obligation to take the quote.
Guest article: Written by Susan Walters-Smith.more information