David Allan

Experly compared by David Allan

Products Updated April 20, 2018

Joint Life Insurance

If you are interested in getting joint life insurance or find out what options are available to you then our experts and providers can help.

FREE life insurance advice and comparison. Our experts can help find you a great deal from providers across the whole marketplace:

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All credit types
Rated 4.8/ 5

Lifes Great Why?
Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Provider
Lifes Great

Products
Life Insurance

Speciality
Compares The Market

Whether you are looking for a cash lump sum payout or decreasing term mortgage life insurance, Lifes Great can provide you with a quote and a recommendation in under a minute. Free to use and you are under no obligation to proceed with any quote given.

Available via broker only
All credit types
Rated 4.2/ 5

Zurich

Provider
Zurich Life Insurance

Products
Life Insurance

Speciality
Life Insurance

Zurich Life Insurance will pay out a cash sum if you die during the term of the policy, or if you are diagnosed with a terminal illness and are expected to live for less than 12 months. Plans can be tailored with optional extras to suit your individual requirements and to provide added peace of mind.

Available via broker only
All credit types
Rated 4.5/ 5

Royal London

Provider
Royal London

Products
Life Insurance

Speciality
Life Insurance

With a policy in place with Royal London , you can leave money to your loved ones when you pass away, to help protect your family financially. Get a free quote or apply online.

Available via broker only
All credit types
Rated 4.7/ 5

Friends Life

Provider
Friends Life

Products
Life Insurance

Speciality
Life Insurance

Friends Life is now part of the Aviva Group. Get the cover you need to protect your family and loved ones when you're no longer around.

Learn More Available via broker only
All credit types
Rated 4.6/ 5

Vitality

Provider
Vitality

Products
Life Insurance

Speciality

If the worst should happen, or you can’t work because of illness or injury, Vitality Life's 5-star Defaqto award-winning range of protection products will give you or your family payments to make things easier.

Available via broker only
All credit types
Rated 4.6/ 5

Legal & General

Provider
Legal & General

Products
Life Insurance

Speciality
Life Insurance

Life cover or life assurance helps you to financially protect the future of your loved ones. Life Insurance from Legal and General offers reassurance that your loved ones or family will still be looked after financially should the worst happen.

Available via broker only
All credit types
Rated 4.5/ 5

LV

Provider
Liverpool Victoria

Products
Life Insurance

Speciality
Life Insurance

Life insurance from Liverpool Victoria will pay a lump sum should the worst happen, so you will have peace of mind that your family and loved ones will be financially protected when you’re no longer here. Even superheroes need protection.

Available via broker only
All credit types
Rated 4.6/ 5

Ageon

Provider
Ageon Life Insurance

Products
Life Insurance

Speciality
Life Insurance

Ageon is here to help you reach your goals at every stage of your life. Part of that involves putting plans in place to adequately protect and insure you against the unexpected things in life.

 

FAQ's

What is joint life insurance?

Joint life insurance offers a form of temporary protection for a selected period of time at a fixed rate of premium. If the policy holder passes away whilst the policy is still active, then a death benefit will be paid to the beneficiary. Joint life insurance is an affordable way to put in place a substantial amount of cover for a set period of time.

How does it work?

The most common type of joint life insurance is first death cover and this is a form of term life insurance which is a policy that is put in place for an agreed number of years and will only pay out a death occurs during this time.

First death joint life insurance will payout on the first death during the term of the policy which means that the surviving policy holder and their family will receive the agreed payout from the policy. There is another form of joint life insurance known as second death cover and this will pay out when the second policy holder passes away. This form of cover is often chosen to cover the things such as inheritance tax and to help support any children who are left behind.

What are the features?

There are many features that come with joint life insurance

  • The policy could pay out a cash lump sum should you die during the term of the policy.
  • The cash sum remain exactly the same for the duration of the policy
  • Unless any changes are made to your policy, your monthly payments will continue to stay the same.
  • If you are diagnosed with a terminal illness you will receive an early payment, however, an early payment will not be paid if you are in the last 12 months of your policy.
  • Whilst your application is processed, free accidental death benefit will be available for up to 90 days.
  • A joint life insurance policy is not a savings or investment product which means that unless a claim is made it has no cash value.

What are the benefits?

There are many benefits that come with a joint life insurance policy that a single plan cannot offer below are the benefits of choosing joint life insurance cover.

  • For couples, this is the most affordable option because it is cheaper than having two single policies.
  • Joint life insurance cover offers peace of mind because both parties are protected, regardless of which party passes away first, the other will receive a payout to help secure them financially.
  • There is extra protection offered than that offered by an individual policy held by the person who has the highest income. Even if the other partner stays at home, if they were to pass away there would be costs such as child care to take into consideration.
  • The policy is renewable once the agreed term ends. This is a big benefit because one the insurance is agreed, it will offer certainty and financial independence to the surviving party and any children.
  • If someone is diagnosed with a terminal or critical illness then financial assistance will be available. This is a situation that can cause a lot of stress which means that it can really affect a relationship and a household in a negative way. Joint life insurance offers security and stability.

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