How do I take out joint life insurance?

I am currently arranging a mortgage with my partner and someone suggested taking out joint life insurance too.

Question asked by Dorothy London
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Answered by Tom Conner

Many people take out joint life insurance with a partner as they have a joint mortgage. However it is important to remember that the policy would pay out on the first event. This means that if you or your partner should pass away then the policy would pay out and then terminate. The lump sum could then be used to clear the mortgage.

Many people choose to add joint critical illness cover to their life insurance policy. This means that if you or your partner were to suffer a serious illness or injury the policy would pay out and then terminate. Where life insurance and critical illness cover is to cover a mortgage joint policies can be taken out for both level and decreasing term plans.

It is important to consider whether a joint or sole policy best meets your needs. By speaking to one of our advisers you can obtain impartial advice and quotes from a large panel of providers.

life insurance
 
critical illness cover
 
mortgage insurance
 
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.
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