Life insurance for couples

Wed, 13 Jun 2007

The type of life insurance policy that you choose will depend on your situation. For instance, life insurance for a couple has to cover any joint debt as well as provide for the bereaved. Swiss RE, the leading life insurance and health insurance reinsurer, indicates that the UK has a massive life insurance protection gap – thousands of people are underinsured. Choosing a life insurance policy as a couple requires carefully considering all options to make sure you are adequately insured .

For instance, joint life, first death life insurance plans are generally taken out to provide cover to pay off loans and mortgages, and provide for children. However, they only pay out on the first death. Some financial services experts advise buying two policies with two separate payouts. Despite slightly higher premiums, couples get twice the payout and twice the cover.

Finding two suitable single life plans could also save you money over a joint policy. Single policies are also sensible in the event of a divorce or separation, and make inheritance tax planning simpler. Don’t be fobbed off on convenience, and risk leaving an uninsured survivor.
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