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Looking for individual or joint Life Assurance?

Choosing Life Assurance can seem complicated at the best of times, without throwing in the added confusion of deciding between selecting an individual policy, or opting for joint cover from your product. People who opt to select a joint policy are usually married, in a long-term relationship together, or have children whom they would like to provide additional financial security for in the event that one partner dies or becomes seriously ill and can no longer earn a wage.

Individual or Joint Life Assurance?While all of these criteria are valid when it comes to opting for a joint insurance product, Joint Life policies are also of great value for other relationships which have a certain element of interdependence. People who run a business together, regardless of their personal circumstances, can also benefit from having a mutual Life policy in place, to safeguard their financial future and protect the joint investment which they have created together. Having the additional security of a joint Life policy in place can bring peace of mind to both parties, secure in the knowledge that they have an additional financial security source in place should anything happen.

Joint Life Assurance schemes are designed to offer the remaining partner either a monthly income, or a single lump sum of cash in the event that one person dies. Should both parties die, the cover comes to an end and there is no further requirement on the part of the insurer to provide financial services. Having two people to insure obviously increases the price of premiums on the part of the policyholders, as the likelihood of the insurer having to pay out to someone is double that for an individual policyholder.

While it is cheaper to secure the income of the main breadwinner in a family situation, with the number of families who have two breadwinners to safeguard increasing, more and more people are choosing a Joint Life policy to protect both people in the partnership. A joint policy can be cheaper than two individual products. However, in the event that both partners die, there will be no financial security offered for any dependents. This means families with children are more likely to opt for a product which covers one partner, in order that the remaining partner and any dependents can be safeguarded, financially. Two individual policies offer children twice the benefits, should both parents die at the same time.

People with individual policies find it easier to avoid inheritance tax, as payments can be put in trust for children and the amount paid will not count towards the monies inherited. Other issues prohibiting people from taking out joint cover include the possibility of separation or divorce which can make financial matters more complicated.

The principal benefit of joint Life Assurance is that it can be cheaper, but anyone considering the product needs to think through their individual circumstances, and decide whether it is more prudent to have a joint policy, or decide upon two separate policies.

 

WARNING:  Inheritance Tax Planning and Trusts advice are not regulated by the Financial Conduct Authority

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