Confused.com investigates the benefits of single v joint life insurance policies

It’s widely reported that January is the most popular month for divorce, with couples putting the festive season behind them and making a clean start in the New Year. Conversely, spring, the traditional start of the wedding season is just a few months away. Whether coming to the end of a relationship, or starting a new one, Confused.com is reminding people to consider their life insurance protection as well as everyday finances such as current accounts and savings accounts, to ensure that being lucky or unlucky in love doesn’t mean being financially less protected. Matthew Lloyd, head of life insurance at Confused.com, said: “Whether coming to the end of a relationship or entering into a new one it’s vital that couples talk about life insurance protection as well as how to manage day to day banking and finances. In addition to ensuring they have protection (69% of those in a relationship or who are married don’t have any life insurance cover) it’s important to consider whether to opt for two single policies or one joint policy. “Taking out two single policies can be beneficial in the event that a relationship breaks down. Unlike a joint life insurance plan, two single plans are already separate. This means that your plan wouldn’t have to be cancelled in the event of a divorce, and you wouldn’t have to take out a new plan, which could be an issue, especially if you’re older or have suffered health problems. It also means that should the worst happen to one partner, there is still cover in place for the other so that future dependents can be protected. “Joint life insurance policies have lower monthly premiums, but although it’s a cost effective means of providing life cover it could potentially leave the remaining partner without cover in the future.” Confused.com research shows • 60% of people don’t have any life insurance; o 71% of those without insurance are married, in a relationship or divorced; o 35% of those without life insurance have children. Couples can compare life insurance policies at www.confused.com/life-insurance . Joint term life insurance policies are available from £5.00 a month. Some providers offer the option to split joint policies into two single policies if a couple decides to separate. Using the example of a male and female both aged 32 (both non-smokers looking for £100,000 level term cover), two single policies are available from £10.31 a month; only just over £3 a month more for both single policies than a joint policy priced at £7.09. “In addition to cost, it’s important to try and think about how flexible your life insurance planning may be in the future when deciding which type to take out” continues Matthew. “But whichever type of policy you choose it’s important to shop around to find the right cover at the right price. “ Ends Media information: Zoe Stevens, PR Manager zoe.stevens@confused.com 02920 494393 Notes to editors Providers where joint policies can be separated into two individual policies: Policies available from www.confused.com/life-insurance Average policy prices from confused.com/life-insurance based on policyholder aged 32, 10 years level term cover of £100,000. Correct at 24.01.11 Joint life insurance policy £7.09 per month Single male life insurance policy £5.31 per month Single female life insurance policy £5.00 per month About Confused.com Confused.com is one of the UK’s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance. Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators. Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.