My husband and I have a Life Insurance policy whereby there are 2 policy owners and only one Life Insured. In general is there any advantage or disadvantage to having 2 named policy owners?
Thank you. It was possibly an unusual situation. Initially we had intended setting up the policy with joint owners/joint lives covered but there was a medical delay with one applicant so we went ahead with a sole life cover but the paperwork determined the outcome that the policy then had joint ownership. I was going to get the policy amended so there was only one owner but I think having received this answer I will leave it as it is.
Would it be advisable then, in general, particularly with spouses, to have joint owners on sole life cover to avoid it going to probate.