With so many options and types of life insurance policy to choose from online, it’s never been easier to arrange and compare cover. All these options can feel a little bewildering at first, so the Cavendish team are here to help you find the policy that best suits your needs. Choosing the right policy is absolutely crucial, as choosing the wrong policy or not understanding what it actually offers could leave you underinsured.

If your children, partner or other family members depend on your income to cover their living expenses and the home they live in, you should definitely consider life insurance to help provide for your loved ones in the event of your death. You can’t rely on the government to take care of your family – the money they would get from the state is probably much lower than you’d expect.

If you’ve already been looking at different options, you may have noticed that you could get a separate ‘single’ life insurance policy as an individual, or as a joint policy with your partner or spouse. To add to this, as a couple, you could also both take out an individual single policy, even though you’re a couple.

Single and Joint Life Insurance policies are similar, but with a few key differences:

‘Single’ Life Insurance

Single policy life insurance covers one person and if the policyholder were to die during the term of the policy, their loved ones would receive a payout. If you and your partner were to decide to take out two separate ‘single’ policies, then a payout could then be claimed for each policy if both policyholders die within the term.

‘Joint’ Life Insurance

Joint life insurance covers two people on a single policy and means there’s only one monthly premium to pay. Some people find this simpler to manage and you’ll only need to complete one application, but you would have to answer questions for both policyholders. 

If one of the policyholders were to die during the policy term, their loved ones would receive a payout, however the policy would no longer exist for the remaining policyholder; meaning they would need to start a new policy if they wanted cover to remain in place. When it comes to buying life insurance, the younger you are, the less expensive it generally is, so taking out a policy later in life inherently increases the price of a monthly premium.

TIP: It’s worth bearing in mind, that in the event of separation or divorce, a ‘single’ life insurance policy still stands (as a separate individual) whereas joint life insurance might no longer be suitable.

Right For You

At Cavendish, we’re committed to providing our customers with the information they need to make an informed choice about what kind of policy is right for them.

We have plenty of useful information and guides on our website, in particular the difference between ‘term’ life insurance and ‘whole-of-life’ insurance (also known as life assurance).

Get In Touch

Many people who have a life insurance policy in place tend not to review it very often, however, it’s important to understand if the policy still meets your needs - that’s where Cavendish can help.

Call for a quote

For more information and to get a quote please call us

03456 44 25 40

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