A “single” policy is where the policy insures the life of only one person. A “joint” policy is where the policy insures the lives of two people.
If your mortgage is in joint names then the cheapest option will be a “Joint” Life Insurance policy. If you have a normal "Joint" policy (i.e. a "first death" policy), then the policy will payout if either policyholder were to die whilst the policy was in force. (But please note that a "Joint" policy would only pay out on one death - once the policy has paid out it automatically terminates leaving the survivor uninsured but the mortgage repaid.)
Alternatively, joint mortgage holders could take out two seperate "Single" policies - but this will be more expensive than one "Joint" policy. The advantage with two single policies is that if both policyholders were to die, each policy would make seperate payouts - but bear in mind that this would provide more cover than you strictly need simply to repay your mortgage.
If the mortgage is just in one person's name then a “Single" policy will suffice.
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