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You have two doors open to you

Joint life cover polices are very common - it's thought that approximately 40% of all life policies are joint.

As a couple, you can take out joint term cover in both your names, with the policy paying out if either of you die during the agreed term. One policy provides coverage for you both.

The amount of cover will be the same for both of you. That means the policy pays the same amount if the worst should happen to either of you.

However this is only suitable if both of you need the same level of cover. Also, a joint policy ends after a claim. The survivor would have to apply for a new policy if they wished to continue their life cover.

Joint life cover isn't your only option

Interestingly, the price of joint life insurance is often only marginally less expensive, if at all, than two single policies with the same sum assured for each one.

Two single policies versus joint

If you take out two separate policies instead of a joint one, the survivorís own policy is still active, even though the deceasedís policy has paid a claim.

Additionally, if the unthinkable were to happen and both of you died, your dependents would get twice the pay out. Further more, the amount of cover can be different for each of you.

Which is best for you?

You'll need to find out about both options to make an informed decision.

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