Why Everyone Should Have Single Life Insurance Policies
Have you ever thought about purchasing a life insurance policy? Have you thought about purchasing a joint policy with your partner or spouse?
If you have, please keep reading. When I first discovered what I’m about to tell you, my mind was blown 🤯
Purchasing two separate life insurance policies will protect you and your family better.
The difference between one policy and two
Say, you and your partner decide to get a joint life policy. And then in 10 years, god forbid, your partner dies. After the payout, you would be left without life insurance. And you would then have to purchase a new policy at a much higher rate later.
By purchasing separate policies, you are paying almost the identical amount each month, but you are able to keep your policy if your partner dies and your family gets double the payout should you both pass.
1 joint policy
- £500,000 payout
- Surviving partner has to get a new policy at their new age and with their current medical background.
2 single policies
- Two £500,000 payouts = £1,000,000
- Surviving partner receives the payout and gets to keep their policy. And if both parties pass, the family receives double the payout, of £1,000,000.
Makes sense right?
So at a time where life is difficult and complicated enough, you shouldn’t have to deal with the stress of getting a new policy.
This is about educating you, the millennial demographic, on how life insurance works so you are protected. Knowing the details and conditions of your policy is so important, and that is why at Bequest, our life admin platform is simple and intuitive, built with you in mind.