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You asked: What happens if one life insured dies on a joint Life Insurance plan?
If you jointly hold a plan, as joint lives insured, and one of the lives insured dies, we would pay out the full amount to the remaining policy holder and the plan would cease immediately. It's worth remembering that by putting your Life Insurance plan under trust, you could specify which individual(s) you would like to receive the pay-out quickly and with minimal fuss. Under current tax rules, a trust could also help protect your money from inheritance tax. Please bear in mind tax rules may change in future.
If you're considering putting your plan under trust, see 'how do I place my Life Insurance Plan under trust'.
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