Different types of life insurance

Choosing the right type of cover

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

When choosing between these options, think about:

  • Affordability – a 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

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