Life Assurance - Endowment assurance - Joint life

Joint life policies taken out by husband and wife are just the same as life assurance policies on one life.

They can, of course, be whole life, term or endowment, and with or without profits. Husband and wife policies are the most common, but they are also useful for, say, the two directors in a business, brothers and sisters, or even friends who have a common interest.

They vary in how they work, but the benefits are usually paid out on the first of the two lives to die.

Sometimes, however, people take out what is often called a last survivor policy, which can be extremely useful for any two people trying to cut the capital transfer tax liability which will be payable on death.

As a general rule most of these policies can be taken out without a medical examination, though there are limits to the maximum sum assured at different ages. After these limits, medical examinations will be required.

As with policies on single lives, the levels are likely to be around £600,000 for anyone under 40, dropping in stages to £200,000 in the 50-55 age range. Above that level, medical examinations are almost always required.

Both people to be insured will be required to fill in the proposal form.

The kind of questions asked are shown in the Yorkshire-General Life Assurance proposal 42-3.

Tax credits Relief is available on the usual terns, but if a policy is taken out by a couple before they marry, the policies don't become eligible for relief until after the marriage takes place.


Endowment assurance - Joint life

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

Salon Gold Insurance

Cheaper Insurance for Salons, Freelance Hair and Beauty, and Mobile Businesses - click here

read on: Life Assurance - Endowment assurance Family income policies

Joint life policies taken out by husband and wife are just the same as life assurance policies on one life.

They can, of course, be whole life, term or endowment, and with or without profits. Husband and wife policies are the most common, but they are also useful for, say, the two directors in a business, brothers and sisters, or even friends who have a common interest.

They vary in how they work, but the benefits are usually paid out on the first of the two lives to die.

Sometimes, however, people take out what is often called a last survivor policy, which can be... see: Life Assurance - Endowment assurance Family income policies