This is for the benefit of married couples looking forward to buy life insurance, as it proves you the benefits of buying two single life policies rather than a single joint life policy. Most people are not aware of that in a few cases it can be more useful for you to buy two single life policy in place of a single joint life policy. To know why single policy is better than the joint one you first have to know what the differences are and what they in fact imply to you in your economic condition. Most of couples faced with the need for life insurance go for a joint life cover. This kind of policy is simple it pays out the sum assured when one of you die and subsequently policy expires.
The other way round, is to go for two single life insurance policies one for each of you. Therefore, as soon as one person dies the policy disburses the sum assured while the surviving person still has its own life insurance active and is absolutely unaltered by the death their spouse and their respective sum assured. It is widespread that as couples buy joint policies to insure them, if one of them die the other is left with no life cover by any means, this leads them to get life insurance since they might still need to insure their lives for several reasons. They will almost certainly find that the cost of cover at this moment in time is significantly higher because of several reasons like you are much older and hence more costly to cover.
Besides, two single life insurance policies can be beneficial over a joint life policy in the event that your marriage ends with a divorce. You should know that when this takes place property and wealth needs to be split equally and accordingly. The majority of life insurance policies does not split by any means and therefore needs to be abandoned or altering, this can be a concern yet again if you are now aged and have medical problems. In contrast, two single life policies do not have to be split as they already are independent policies.
As a final point, one more benefit of having two single life policies over a single joint life policy is the benefit of receiving two disbursements against one. As stated before, if you have a joint life policy, there will just be a single disbursement when one of the life insured dies and then the policy expires. However, with two single life policies being free of each other there will be two disbursements, depending on both partners dying within the tenure of the policies.
To sum up couples opting for two single life policies as opposed to a single joint life policy need not apply for life insurance all over again after the death of partner, they as well have the additional advantage of the policies disbursing cash two times in the event of both expiring and simple to continue with if their marriage ends with a split.
We have many more Life Insurance Help Articles Now Available.