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Setting up cover – Joint Life / Single Life

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Life assurance can be taken out on a single life, your own life or the life of other individuals, such as your spouse or business partner, provided you can show that there is a financial relationship between you. With a joint mortgage there is an insurable interest between the parties.

A joint life first-death policy pays out on the first death of one of the lives assured.

A single life policy will pay out on the death of the life assured.

A joint life last-survivor (or joint life 2nd at death), policy pays out on the death of the last of the lives assured.

The benefit of a life assurance policy is that it guarantees that if a life-assured dies or if covered for critical illness, the life company will pay out a cash sum. This money will be paid to the person paying the premiums or, if the sole life-assured has died, the proceeds will be passed into his or her estate and distributed according to the terms of the will. If there is no will, the sum will be handled according to the laws of intestacy.

The benefits of life insurance cannot be under estimated. The value of the cover as peace of mind to assist if the worst were to happen is extremely valuable. As with mortgages the ranges of cover available, how policies should be set up and which insurer will offer the most comprehensive cover means that advice is generally beneficial when reviewing your cover requirements.

As part of the mortgage advice process My Mortgage Experts will assist with this process by providing a Mortgage Protection Report specific to your requirements. This report will detail all other available insurance products to protect you, your home and your family and will include the costs of these products.

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