Which Is Better for You?

Choosing the right life insurance is essential for safeguarding your loved ones and securing your family’s financial future.

Whether you’re a super mum, super dad, single parent, or just got married, you might be considering whether joint or dual life insurance is the best option.

Each option has advantages, but the best choice depends on your unique needs and circumstances. Let’s explore their differences, so you can make informed decisions supporting your family’s financial well-being.

Why is Life Insurance Important for Families?

Did you know Ireland’s average cost of raising a child to adulthood is over €100,000? Imagine if something happened to you—how would your spouse manage this huge financial burden alone?

Life insurance can provide crucial financial security for your family in the event of your premature death. It ensures that your family receives a payout to help cover living expenses, debts like mortgages and loans, and other financial needs such as education and hobbies. 

Additionally, life insurance can be combined with other cover options that protect your family if you cannot work, maintaining your ability to support them financially, such as Serious Illness Cover, Health Insurance and Income Protection. This comprehensive protection helps safeguard your family’s future and stability.

Learn more by reading our blog on life insurance for families. 

What is Joint Life Insurance?

Joint life insurance covers two people under a single policy, typically a married couple or registered civil partners. 

The policy pays a death benefit upon the death of either the first or second life assured, depending on whether the policy is set up on a joint life first death or joint life second death basis. Once this payout is made, the policy typically ends, leaving the surviving partner without further cover.

Pros of Joint Life Insurance:

Cost-effective: Joint life insurance premiums are generally lower than two separate individual policies. This can be an appealing option if you’re looking to save on costs.

Convenience: Joint life insurance can be easier to maintain and understand, with only one regular payment and one policy to manage.

Ideal to protect your partner: A joint policy ensures that the surviving partner is financially supported if both partners are equally responsible for debts like a mortgage.

Cons of Joint Life Insurance:

Single Payout: Joint life insurance typically provides only one payout after the first partner’s death, leaving the surviving partner without protection.

Higher Costs for the surviving partner: The surviving partner is left without life insurance, which might necessitate buying a new policy, often at a higher cost due to increased age or health issues.

What is Dual Life Insurance?

Dual Life Insurance is a policy that covers two individuals, typically a couple, under a single plan. Unlike joint life insurance, which pays out only once, Dual Life Insurance offers the benefit of two potential payouts—one upon the death of each life assured. 

This means that if one person passes away, the surviving partner continues to be covered by the policy without securing new insurance. This type of insurance is essential for couples who want to ensure that financial support is available after both have passed, providing additional peace of mind and security for their loved ones.

Pros of Dual Life Insurance:

Two Separate Payouts: Both policies pay out upon death, meaning that even after one partner dies, the other still retains protection.

Ideal for Couples with Children: Dual Life Insurance is particularly well-suited for couples with children. The policy will pay out on the death of the first person and on the death of the second one, too. The second payout can help ensure that children are financially supported even after the loss of both parents.

Continued Cover: If one person passes away, the policy continues to provide cover for the surviving partner without the need to secure a new policy, which can be beneficial as the surviving partner ages or if their health condition changes.

Cons of Dual Life Insurance:

Higher Premiums: Dual Life insurance typically has higher premiums compared to joint life insurance due to the potential for two payouts.