JOINT ACCOUNT
A bank or savings account that you can open with one or more others. Each of you is responsible for any debts that are run up on it. It can be set up so that each of you can sign cheques etc. or so that more than one of you has to agree a transaction.
JOINT LIFE ANNUITY
An annuity that converts a pension fund into a monthly income for life, where your husband or partner will receive an income from the pension fund after you die.
JOINT LIFE INSURANCE
This type of policy is often taken out if a couple have a mortgage on their property. It pays out if either one (or both) of you dies. It's cheaper than buying two separate life insurance policies, but it may be a false economy because if you split up you cannot divide the policy and if one of you dies the other is left without cover.
JOINT LOAN
A loan where two or more people are named on the contract. Each of you is 'joint and severally liable' which means you're each responsible for the entire debt should the others not pay.
JOINT MORTGAGE
A mortgage where two or more people are named on the contract and are responsible for the debt. With any joint debt, each person is 'joint and severally liable', which means you're each responsible for the entire debt if others default on the loan.
JOINT TENANTS
If you and your husband, partner or friend own a property as joint tenants, it means that the ownership is split 50:50 and that your half of the property will go to them when you die and vice versa. It’s not affected by whether or not you have made a will.
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