Should the cover be on joint lives or separate lives?

It may be better to buy separate policies.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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Is there any investment value in your policy?
No. Once the term is completed the policy simply ends. It’s a bit like car insurance!
What personal details do you need to provide to get a quotation for Life Insurance?
Only your date of birth, sex and whether you're a smoker. So it's really simple to get an immediate quotation.
Should you consider Mortgage Life Insurance instead?
Only if you have a Repayment Mortgage and want insurance cover for it.
How long should you insure for?
For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.
Should you have a “Guaranteed” or a “Reviewable” policy?
With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.
Why? Because with a Joint policy, if there is a claim the policy will automatically terminate. The survivor is then left with no insurance cover and at an older age when it is more expensive to obtain insurance. It may even be impossible to get insurance due to deteriorating health.

Frequently Asked Questions related to the above topic.
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