Different types of life insurance

When it comes to your life insurance, you’ve got options

‘Single life’ policies cover just one person. A ‘joint life’ policy covers two people, and when one person on the policy dies, the money is paid out and the policy ends. You will need to decide whether the joint policy pays out on first or second death, as this will determine when the policy ends.

When choosing between these options, think about:

Affordabilitya joint life policy is usually more affordable than two separate single policies
Cover needs do you both have the same life insurance needs, or would separate policies with different levels of cover be more appropriate?
Work benefits if one of you has work ‘death in service’ benefit, you might only need one plan
Health if your joint policy is with someone in poor health, this may increase your monthly payments