Is it possible to have a joint policy?
The simple answer to this question is Yes. Policies that cover two people are known as ‘Joint Life Policies’.
There are two types of ‘Joint Life Policies’.
Policies that immediately pay out if EITHER of you were to die whilst insured, are called ‘Joint Life First Death Policies’. If you are insuring for Mortgage Protection purposes, then this is probably the type of insurance you will select.
Alternatively, you can have a policy which pays out only if BOTH of you were to die during the period covered by the policy. These are called ‘Joint Life Second Death Policies’. This does not mean that you both have to die at the same time, but both people named on the policy must have died whilst the policy is in force for the sum insured to be paid out.
As you would expect, Joint Life Second Death Policies are cheaper than Joint Life First Death Policies.
Please note that we cannot quote online for ‘Joint Life Second Death Policies’. If you want a quote for this type of life insurance, then please call our Help Desk and they will be able to assist.
It is important to be aware that if the second person named on the policy is not your spouse then you will have to prove that their death would cause you financial loss.