When it comes to insuring homes and cars, most people don’t even bat an eyelid — they just find the most economic policy that has the coverage they need, and off they go.
If you’re coupled up, it may seem natural to take out a joint life insurance policy, but in this article, we’re going to tell you why a single life insurance policy may be the one for you. 🙌
Why life insurance?
Life insurance quotes and comparisons can be confusing if you don’t know what you want or need, and this is especially true for couples. A lot of the time, life insurance is something that pops up on your radar after the big moments in life, like once you get married 💍, buy a house 🏡, or have children. 🍼 You can be dealing with a lot of emotions and stress during those same big moments, and then you’re left trying to figure out which type of life insurance is best for the two of you.
At Bequest, if you’re stuck between purchasing single or joint life insurance, we highly recommend purchasing two separate life insurance policies. This is because in most situations it will better protect your family if one of you were to die and the surviving partner needs a lump sum payment. If you’re wondering how that’s possible, you can also read our article: Why Everyone Should Have Single Life Insurance Policies.
However, we understand that you need to do what you think is best for your family. Whichever type of life insurance you choose, we’re here to help!
Benefits to Single Life Insurance Policies
You can choose the amount of coverage you want
Single life insurance policies allow the flexibility to choose how much you want each individual covered for based on individual needs! Perhaps one of you brings home more financially each month, and you would like to be covered for more. Or perhaps the mortgage is in one of your sole names, this might mean they need more cover.
The life policy doesn’t disappear after your partner passes away
This is a huge advantage of choosing single life insurance policies as opposed to joint coverage. Joint policies operate on the ‘first death’ basis, meaning that once a claim has been made, the policy ceases to exist. 🤯 By choosing to have separate policies, the surviving partner does not have to get a new policy (at a new rate and medical status) after the payout. Your families and loved ones would also get both payouts if something were to happen to both of you.
You will still have coverage even if you get divorced
No one goes into a marriage expecting to get divorced, but not every marriage ends happily ever after. If you and your spouse were to get a joint life insurance policy, not only could you end up without any life insurance coverage, but you could also be faced with a fairly hefty cancellation charge if you cancel. By purchasing individual single life insurance policies, you’re giving yourself a bit of extra wiggle room to plan for the future, even if it turns out differently than planned! 👏
Downsides to Single Life Insurance Policies
They may have a higher monthly premium compared to a joint policy
With us, your monthly premiums will be the same but your second policy will cost an extra £1.75 per month. For all the benefits listed above, we think that extra £1.75 is definitely worth it! 💷
Each policy requires its own paperwork
The vast majority of people despise paperwork of any sort, especially anything legal. ✍️ They want to get everything done and dusted in the simplest way possible. With us, it can take less than 15 minutes to get covered, so that’s not really an issue! 🎉
Single life insurance at Bequest
At Bequest, we get that life is constantly changing, and that your coverage needs to change with it. That’s why we give you the flexibility to amend your life insurance policy if need be. We want to make it as easy and convenient as possible to protect and look after your loved ones. 💛