This is a policy which covers two lives and pays out when either individual dies during the length of the plan. A joint life policy can be set up in two different ways, but there is always only a single payout.
Joint life First death – will pay out when either one of the policy holders passes, the policy will be paid out to the surviving partner.
Joint life Second death – will pay not pay out if either policy holder passes away, the premium and cover continue until the surviving policyholder passes away.
To find out more about this type of policy, please contact us, and one of our advisors will be able to go through this in detail and answer any queries you may have.