As with all life insurance, critical illness and income protections the structure of the protection is critical to the value, functionality, performance and costs of the protection.

Yes, all providers will rank the applicants age, occupation, health, family health, lifestyle choices and more in the application of life insurance (and all have strengths and weaknesses). Thus enabling a the life insurance companies premium or cost to be offered.

However, if we look at the structure of this protection it can be a massive catalyst for building in more cost effective, relevant protection with redundancy.

Stating the obvious but the a joint policy is protecting both so if either have a life claim or critical illness the protection would pay monies in accordance to the terms. All the providers would pay ONE CLAIM apart from ONE. SO many would say this is twice as expensive?

If we insure of both lives independently not only can we, if needed claim twice; but if there is one claim it gives the choice to the survivor do they keep their life insurance or cancel it. This is NOT an option with a joint life insurance protection.

Golden Rock Solutions gives Free Independent Advice on life insurance, inheritance tax proofing, critical illness protection and income protections. Get in touch for more information

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