A matter of cost...

The cost of taking out two seperate policies rather than one joint policy is often only slightly higher, but can result in double the sum assured being paid out.

For example, take Jack and Jill - both 45 years old, non-smokers wishing to protect their families with £50,000 whole life insurance for the rest of their lives.

A joint policy might cost £49.80 per month, whereas 2 single policies will only cost £51.87 per month - an increase of just ~5%.

With one joint life policy:

Example 1:

In example 1, the joint policy pays out £50,000, but then finishes - leaving Jill with no life cover.

Example 2:

In these tragic circumstances of both Jack and Jill dying together, then their dependents would only receive £50,000.

With two single life policies:

Example 1:

In example 1, On Jack's death, his policy would pay out £50,000, and Jill's policy would continue irrespectively, then paying £50,000 on her death - a total £100,000 between them.

Example 2:

In example 2, with Jack and Jill both dying together, each policy would pay out £50,000, resulting in a total of £100,000.

In conclusion...

We recommend pricing 2 single life policies to check the difference against a joint life policy, as it can increase cover for a relatively very small additional cost.