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Useful Information

Single vs Joint Cover

Joint cover provides life insurance for two (sometimes more) people on once policy. This has the advantage of less paperwork and reduced premiums when compared to individual policies. However, in the event of the death of one of the insured, the policy pays out and your cover ceases, leaving the remaining party without any cover.

In addition to this, if a couple with joint cover were to separate, the cover may need to be cancelled.

Single life insurance offers cover for an individual. For couples, single polices offer an amount of flexibility without cover lapsing for all those covered if a claim is made. The trade-off for a couple with two single policies is a slightly higher cost when compared to a joint policy.

Why is my gender important?

Statistically, females outlive males; therefore life insurance for women is cheaper.

Level vs Decreasing Cover

Both of these types of life insurance are designed to pay out a lump sum, in the unfortunate event a the death of the insured during the policy term.

The cover provided on a Decreasing Term Assurance policy reduces to nothing over the term of the policy. This type of insurance is commonly used to provide protection for a reducing debt, such as a repayment mortgage or secured loan.

Because the cover decreases over time, the premiums are lower than with a Level Term Assurance.

As the name suggests, Level Term Assurance will pay out the same amount (sum assured) if a claim is made at any point during the policy term. This particularly suits situations where the cover you need never reduces, like protecting an interest only mortgage

For more information take a look at our Life Insurance Guide.