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Joint life insurance policies

(6 Posts)
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callgirl1 Thu 28-Sept-17 18:16:11

I didn`t know that there was such a thing, until my friend`s widower told me that he`d rung his wife`s insurers, hoping that her life insurance would cover the cost of a headstone, to be told that as it is a joint policy, they won`t pay out until he himself has died.

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Elizabeth1 Thu 28-Sept-17 18:18:42

I've come across this recently anyone with this type of policy should start looking into it for future piece of mind.

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Coolgran65 Thu 28-Sept-17 18:26:31

I haven't heard of this, makes matters rather difficult if one party lives for a further 20 or 30 years.

Really it's only paying out on the longest living party.... i.e. is it only insuring the longer living of the couple ??

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Magzi111 Fri 20-Oct-17 20:00:24

We have a joint "whole of life" policy which I thought paid out on first death?
Is that correct?

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annsixty Fri 20-Oct-17 20:20:09

We have a whole of life policy which we always knew paid out on the second death.
It does also have a cash value but we don't need that and it will pay out , without affecting the inheritance tax liability, which in any case doesn't affect us now that a couple are covered.
It will certainly pay out more than we will have paid in as it is index linked.

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Magzi111 Sat 21-Oct-17 14:25:47

Thanks annsixty.

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