David Beard

Expertly compared by David Beard

Products Updated October 27, 2021

 

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.

 

8 providers expertly compared:

ActiveQuote

Provider
ActiveQuote

Products
Life Insurance

Speciality
Compares The Market

Rated 4.8/ 5

All credit types

Active Quote will compare the marketplace across 10 life insurance providers to find you the best deal that meets the needs of youself and your family. Finding the best deal from providers such as Zurich, VitalityLife and Royal London only takes a few minutes and policies can be purchased online.

8 providers expertly compared:

Available via broker only

Zurich

Provider
Zurich Life Insurance

Products
Life Insurance

Speciality
Life Insurance

Rated 4.2/ 5

All credit types

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.

8 providers expertly compared:

Available via broker only

Royal London

Provider
Royal London

Products
Life Insurance

Speciality
Life Insurance

Rated 4.5/ 5

All credit types

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.

8 providers expertly compared:

Available via broker only

Friends Life

Provider
Friends Life

Products
Life Insurance

Speciality
Life Insurance

Rated 4.7/ 5

All credit types

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.

8 providers expertly compared:

Learn More Available via broker only

Vitality

Provider
Vitality

Products
Life Insurance

Speciality

Rated 4.6/ 5

All credit types

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.

8 providers expertly compared:

Available via broker only

Legal & General

Provider
Legal & General

Products
Life Insurance

Speciality
Life Insurance

Rated 4.6/ 5

All credit types

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.

8 providers expertly compared:

Available via broker only

LV

Provider
Liverpool Victoria

Products
Life Insurance

Speciality
Life Insurance

Rated 4.5/ 5

All credit types

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.

8 providers expertly compared:

Available via broker only

Ageon

Provider
Ageon Life Insurance

Products
Life Insurance

Speciality
Life Insurance

Rated 4.6/ 5

All credit types

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.

Read our customer and visitor reviews for this product:

Rating: 5 / 5 with 1 votes

No issues using this service.

by ANOM

I've used ActiveQuote before and find the whole process simple and they do as promised.

Apply for Joint Life Insurance Today With Lending Expert!

If both you and your partner are looking for life insurance, joint life insurance is for you! Speak to our team of professional advisors at Lending Expert to find the best policy to suit your needs. 

 

Key Points

  • Joint life insurance covers two people, but only pays out once. 
  • Joint life insurance is usually either a first death policy (payout after the first death) or a second death policy (payout only after both people have died).
  • As with most types of life insurance, you can have level term, whole of life, or decreasing term joint life insurance cover.
  • A joint life insurance policy cannot be divided if a couple separates. The existing policy would need to be cancelled and two separate new policies would need to be created.

 

What Is Joint Life Insurance?

Joint life insurance is a type of life insurance policy that covers two people, but only pays out once. Typically, this payment will be a lump sum that goes to the survivor after the first person dies within the term of a policy. When the joint life insurance policy ends, there’s no further life cover for the survivor. 

Joint life insurance could be a cheaper option than two single policies for: married couples, long-term partners and business partners. It’s really important to consult a professional when deciding which type of life insurance best suits your situation. That’s why we recommend speaking to a member of our expert team who can help choose the best policy for you.

 

How Does Joint Life Insurance Work?

A joint life insurance policy will only pay out once. If you were to both die at the same time – for example, in a car accident – any dependants would receive one lump sum payment from a joint policy. 

When the money is paid out depends on how your policy is set up. Policies are usually set up as:

  • A First Death Policy – a pay-out happens after the first death in a couple. After that, the other person will no longer be covered.
  • A Second Death Policy – a pay-out is made only after both people have died (as long as the premiums have been paid).  

 

What Are the Types of Joint Life Insurance?

There are several types of joint life insurance, including the following:

  • Level Term Life Insurance – a cash sum is paid out if you die before the policy ends.
  • Whole of Life Cover – this policy lasts until you die and will pay out no matter when that happens. 
  • Decreasing Term – the pay-out decreases over time. This type is often taken out to cover the decreasing amount needed to pay off a repayment mortgage. 

The type of policy that works best for you will depend on your individual circumstances, like your mortgage situation or whether you have more than one child. We recommend having a chat to a member of our team of expert advisors. They can help you work out which type of joint life insurance cover is the best for your situation.

 

What Are the Advantages of Joint Life Insurance?

  • A joint life policy might be cheaper than two single life cover policies, but again that will depend on your circumstances. Consider whether both of you have the same need for life insurance and if you both need to be insured for the same amount.
  • A joint life policy could be an option to cover the mortgage repayments after the death of one of the people covered. 
  • Another benefit of joint life insurance is that the payment to the surviving partner can be fast tracked because you’ve already arranged who will receive the pay-out if the worst were to happen.

 

What Are the Disadvantages of Joint Life Insurance?

  • A joint life insurance policy will only pay out once, whereas separate policies would pay out twice.
  • Pre-existing medical conditions can drive up premiums for both of you as this is a joint life insurance policy.

 

What Happens if a Couple With Joint Life Insurance Separates?

With a joint life insurance policy if you were to split up with your partner then your policy can’t be divided. In that situation, you’ll need to cancel the existing joint life insurance policy and set up two new ones. As you’ll be applying for a new policy at a later stage in your life, this could result in a higher premium. 

Committing to a joint life insurance policy is a really big decision to make and shouldn’t be done without considerable thought. We would always recommend speaking to a professional to discuss whether or not a joint life insurance policy is the best option for you.

 

How Is Joint Life Insurance Different to Single Life Insurance?

Joint life insurance cover is different to standard life insurance cover as it covers two people rather than one. Many couples spend time trying to decide whether joint or single cover would be best for them. 

Talk to one of our expert advisors to discuss all of your options when it comes to life insurance.

 

How Long Does a Joint Policy Last?

Your joint life insurance policy is set for a fixed amount of time, say 10 or 25 years, unless it’s whole of life cover. This amount of time is also known as the ‘term’, which just means the amount of time the policy lasts for.  

FAQ

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.

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.

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.

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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