When you shop for life insurance in the UK, you are going to have a large number of different options and policies to choose from, and it is important that you do the necessary research before making up your mind. It is important that you pick the right policy, as life insurance is going to be one of the more essential and important kinds of cover that you purchase. Some people who find themselves in certain situations are going to be eligible for several different types of cover, and this is true for married individuals that are deciding between single and joint life insurance protection.
Single and Joint Plans
A single life insurance plan is one that you will purchase for one individual and will provide pay-outs should that individual die. Single plans are the most commonly purchased type of cover in the UK when it comes to life insurance purchases, and they have some great benefits that you are probably already aware of. Because so many different companies sell single life insurance plans, you should not have trouble finding a plan that comes with the cheap prices that you are looking for. However, some other people may want to consider a joint plan instead.
Joint life insurance is typically purchased by couples where both of the spouses bring in some income, and the death of either one would be seen as an economic problem for the remaining beneficiaries. When you purchase a joint life insurance plan, you will typically be able to pick between a “first death” plan that will pay the surviving spouse when the first dies, or a last survivor plan that will pay the next of kin when both parents die. These plans are often purchased by couples because they typically are cheaper than buying two separate individual policies. However, there are some things that you will want to know about joint policies.
First, people that are considering joint policies will want to understand that they often do not have the same kind of pay-outs that you would get from two individual policies. With two individual policies, both deaths will be covered rather than just the first, so pay-outs are often larger. Also, if you purchase a first death plan, the surviving spouse may be too old when the first spouse dies, and may have difficulty finding another life insurance plan that comes with low rates.
While joint life insurance policies are often a bit more affordable, you will not be paying much more for single life insurance plans for two individuals. Prices are lower than they have been in the past, and it is possible to find very competitive premiums for single plans. You also need to think about the potential of your relationship falling apart. If you go through a separation or divorce, you typically cannot split a joint policy, or you will have to pay extra fees in order to do so. When you have two independent single policies, you will not run into any problems should your relationship suffer.
Comparing Options and Prices
Hopefully the hints that we have provided in this article can help you learn more about your options when you are deciding on a plan. People looking at single vs. joint insurance will want to consider their budget and the different pros and cons before making a decision. Then, once you know what kind of protection you want, you can begin comparing the different companies in the UK and looking for the right prices and cover online.