Can you have two payouts with joint mortgage life insurance?

I am thinking of taking out joint life cover with my husband, does this plan payout twice or only once? If we took out this plan and one partner dies, what happens then?

Question asked by Karen Cooke
Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Level of Cover
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02084327333
Our in-house Experts are here to provide Whole of Market Advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

Answered by Tom Conner

The purpose of joint mortgage life insurance is to pay off the loan if either partner passes away. This means that the remaining partner would have the funds to pay back the mortgage, thus allowing them to stay in the family home without the worry of having to meet potentially unaffordable mortgage repayments.

It is important to note that with joint cover the plan would payout once and then terminate. In other words, the plan would payout on the death of the first partner and then the remaining partner would have no life insurance remaining (the plan only pays out on ‘first event’).

It is possible to take out separate cover for each partner. This means that the remaining partner would still have their life cover in place if their partner were to pass away, which could be used for additional family protection. It usually costs around 10 to 15 per cent extra to have two separate plans relative to one joint policy.

joint mortgage
 
two plans
 
life insurance
 
joint
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 

Frequently Asked Mortgage Protection Insurance Questions

 
I have recently taken out a new mortgage with my husband and have been looking into some insurance. I...
 
I have a repayment mortgage and wanted to know the which type of life insurance policy I should consider...
 
I’m researching payment protection to cover my mortgage and all the plans seem to have an excess period,...
 
I would like to cover my mortgage with life insurance so my wife can pay it off if something happens...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Trevor Massey
22/01/2019

Excellent service from start to finish. Both Jack & Jake were both helpful and polite through the process. I would recommend Drewberry to family and friends.

Robin Condliffe
12/02/2019

Victoria Slade has been consistently prompt, personable, efficient and a great communicator. It is the first time that we have had straightforward dealings with financial services since becoming qualified doctors 20 years ago. Well done!

Adriana Fouche
31/01/2019

Oliver was great at explaining things, with patience. He called back when he said he would, and spent a lot of time to make sure the policy meets my needs.

We are rated 4.9/5 based on 2033 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
2033 Reviews
Mr B
Overall Rating
Excellent customer service and I'm delighted with my new insurance policy.
H CONDLIFFE
Overall Rating
Victoria Slade has been consistently prompt, personable, efficient and a greta communicator. It is the first time that we have had straightforward dealings with financial services since becoming qualified Drs 20 years ago. Well done!
K Szymkiewicz
Overall Rating
Rauri Taylor is Independent Protection Expert who you want to help you with any Pensions, Investments & Insurance. He helped me made right choice.
S Brocklehurst
Overall Rating
Professional service, Oliver seemed genuinely interested in getting the right product for me. I was given plenty of options and everything was described fully when required. I felt no pressure to purchase a product.
G Bigga
Overall Rating
Helpful, knowledgeable and efficient and able to find great prices. I would highly recommend