If the two named parties separate, there are three possible outcomes for a joint policy:
Both parties must agree for one to take over the policy The joint policy gets cancelled and both parties secure new single policies The joint policy is split into two single policies
Only a small number of insurers provide the option to split a life insurance policy or to remove one party making it into a single policy.
You can check if your policy comes with a ‘separation benefit’ which will be specified in your policy terms document.
If you choose to cancel your policy, it’s important to consider that your monthly premiums won’t be refunded.
However, taking out a new policy will allow you to secure the right amount of cover to suit your new circumstances after the separation.
For more information read our full joint life insurance after divorce guide »