What’s the difference between joint cover and single cover?
Single cover insures just one policyholder whereas Joint
cover insures two policyholders (or, if you wish, more).
Cover for a Single life is obvious. If
you insure your life, and you die during the term of the policy, then
the policy will pay out.
It is only slightly more complicated for Joint lifes.
Where insurance is associated with a mortgage, a joint policy will be
written on a first life basis. This means that if either
of the policyholders were to die whilst the policy were in force, the
policy would pay out. However, once a Joint policy has paid out once,
however, that’s it. The policy is finished and would not pay out
again, even if the other policyholder were to die.
If your mortgage is held jointly then the accompanying Life
Insurance policy should also be Joint insuring both mortgage holders.
The Joint insurance policies we offer online are for two
people only. If you would like to insure more than two people on a Joint
policy then you need to phone the Help Desk at Brokers Online on 01625
416 280.
Other relevant questions…
Should
the cover be on joint lives or single lives?
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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