Life Insurance
A life insurance policy generally pays a lump sum amount of money on the sudden demise of the insured. The money is given to the people nominated as beneficiaries on your policy. A Life insurance could guarantee a financial security to your family in the event of your sudden death as well as any critical illness or permanent or total disability.
You can choose a joint policy or a single one.
If you take out joint life insurance, the money will go to the surviving policyholder – such as your spouse. This is unless you made alternative arrangements.
If you take out single life insurance, the money goes into your nominee. So, you need to decide who it goes to when you die.
A joint life policy is usually more affordable than two separate single policies. However, joint life cover only pays out on the first death. Whereas buying two single policies would make sure there’s a pay out on each death.
The amount of cover you’ll receive, and the premiums you’ll have to pay, will depend entirely on your individual circumstances and the kind of policy you choose. Your life insurance quote will take into account your medical history, age and lifestyle factors.
