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    • GailM
    • By GailM 30th Apr 18, 7:02 PM
    • 2Posts
    • 0Thanks
    Joint Policy and how long
    • #1
    • 30th Apr 18, 7:02 PM
    Joint Policy and how long 30th Apr 18 at 7:02 PM
    Hi all,
    I'm looking at Life Insurance for my husband and I. Reading advice on other posts a joint policy would seem the best. I'm just wondering how long do you have them for? Also, if we die then the kids would be entitled to the insurance, but what happens if the policy expires before we die? Do you renew it as you would other Insurance or do you just loose the premiums? I'm assuming once the plan reaches its full term if we died following that then the family wouldn't get the Insurance. Is that correct? Finally would you have life insurance and a funeral plan or just one or the other?
    Thanks in advance for your comments
Page 1
    • Weighty1
    • By Weighty1 1st May 18, 11:14 AM
    • 646 Posts
    • 333 Thanks
    • #2
    • 1st May 18, 11:14 AM
    • #2
    • 1st May 18, 11:14 AM
    A joint plan is only the best option if the financial circumstances are the same if either of you die. This often isn't the case as there's normally one person who's a major breadwinner, although income isn't the primary consideration as one of you might be the main carer for any financially dependent children and that person's death could require the surviving spouse to give up work potentially.

    If you have term assurance then once it ends, it ends. It's very much like most other insurances in that it will only pay out if there is a claim during the term of the policy. You could look at whole of life insurance, however, 1) do you need life insurance throughout the whole of your life and 2) would it be affordable to be paying what could be a substantial premium in retirement?

    In regards to having a funeral plan and life cover you could have both, or you could increase the life insurance so that there's enough cover to provide money for funeral expenses, however, if death occurs after a term assurance plan runs out then you'd still need alternative arrangements to pay for funeral expenses.

    Personally, it sounds like you're fairly unsure as to what would be in your best interests so why not speak to an protection or insurance specialist or an IFA and see what they recommend based on your individual circumstances?
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