Many couples buy one joint life policy because it is usually cheaper than two separate plans. It is also often easier to deal with just one set of paperwork. But it’s important to bear in mind that many joint life plans pay out only on the first death.
Opting for two separate policies means that the surviving person will still have cover in place even if the other person dies. This has the advantage that any future dependants will be financially protected, and the surviving policyholder won’t have to look for new cover. It also means that, in the event a relationship breaks down, there won’t have to be any negotiations over what happens to the policies, as each plan is separate from the other.
Term Life insurance helps you protect your loved ones by paying a cash lump sum on death or the diagnosis of a terminal illness.
Vitality’s Mortgage Life Cover is designed to help you and your family pay off your mortgage if you die, or you’re diagnosed with a terminal illness while you’re covered. It gives you the confidence of knowing that if something happens to you, your mortgage can be taken care of.
You may not think you need as much life insurance once you’ve retired or paid off your mortgage. But the need for cover doesn’t necessarily end entirely. When you die your loved ones could still be faced with a loss of income and immediate costs such as funeral costs and inheritance tax.
As a nation we protect our homes, our belongings and even our pets more than we do our lives, with a worryingly small proportion of the adult population investing in suitable.
If you have anyone financially dependent on you, such as a partner, sibling, children or even an ageing parent, then Life Insurance is for you. People take out life insurance policies to ensure that, if they die, their loved ones are looked after. Life insurance can help with paying off debts, household bills, childcare costs and account for your mortgage payments.