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.
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