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Single Life and Joint Life Policies

Policies that cover just one person are referred to as 'Single Life Policies'; those that cover two people are called 'Joint Life Policies'.

There are two different types of 'Joint Life Policies'. Policies that immediately pay income if EITHER of you were to die during the policies term, are called 'Joint Life First Death Policies'.

Alternatively, you can have a policy which pays income only if BOTH of you were to die during the policy's term. These are called 'Joint Life Second Death Policies' and are traditionally a lot cheaper than First Death policies.

Both people named on the policy must have died whilst the policy is in force for the sum insured to be paid out, they need not die at the same time though.






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