What’s the difference between a joint policy and a single policy?

A single policy insures one person.
A joint policy insures two (or occasionally more) people.

If your mortgage has been taken out in joint names you should have a “Joint” policy (some mortgage providers will insist on this) otherwise a “Single” policy will suffice.

For mortgage purposes, “Joint” policies are always taken out as “first life” policies. This means that the policy will pay out if either of the policyholders were to die or become terminally ill during the policy’s term. Please note that once a “Joint” policy has paid out on the first death, the policy is finished – it would not pay out again if the second person were to die.

Please note : The information contained within the FAQ section has been written by Mortgage Protected Online

Related questions:

Why would I want Mortgage Life Insurance?

Do I need decreasing cover or level cover?

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