Joint Cover

Joint Life Insurance

Protect the future you’re building together with a joint life insurance policy to take care of your partner no matter what happens.

What Is Joint Life Insurance?

Joint life insurance covers both you and your partner and will pay out the benefit to the surviving partner if one of you passes away. Single life insurance policies only cover one person, while a joint life insurance policy covers two people. It’s important to note that a joint life insurance policy only pays out once. While single life insurance may be more popular, a joint life insurance policy can be less expensive than two separate single policies.

Joint Life Insurance Cover:

Rather than taking out individual policies which mean two individual premiums, you are both covered under the one policy. This usually means that the policy will work out cheaper than two single policies, however the policy ceases when one of you passes away. So you would need to re-insure yourself for cover if for example you had a level term cover instead of a decreasing term cover to cover a mortgage.

How Does Joint Life Insurance

Joint life insurance is suitable for a married couple, people in a long-term relationship, or even partners in a business. When one partner dies, the insurer pays a lump sum payment or benefit to the survivor and the policy finishes. 

You can decide the cover amount you need. Your sum insured should be enough to cover any mortgage repayments and leave behind an amount of your choosing. These policies are especially important for a couple with young children because the death of a parent or carer leaves a tremendous gap to be filled.

The terms of joint life insurance are like a single life insurance policy. You must pay your monthly premiums to maintain your policy. Risk factors such as age, health, and lifestyle contribute to your policy costs. The insurer pays the benefit of the policy to your beneficiary and loved ones when one person covered by the policy dies.

Things to Consider with a Joint Life Insurance policy

Most commonly people will pick a joint policy over two single life insurance policies especially in regards to mortgage cover. The important thing to remember however is that when the policy is paid out in the event that one of the policy holders is deceased, the joint cover will cease after the payout. So if you or your partner die, there is no further protection after the lump sum payout, if you want to be covered again, you’ll need to get a new policy in place.

Once the cover ends and you are interested in a new policy, you’ll have to be reassessed, which means taking into account your age, health and so on – so if you are older and are in poorer health then it may be difficult to get as favourable a policy the second time round. Because when you are younger and healthier naturally the policies are cheaper. So even if you would prefer a cheaper joint cover policy initially, it is worth considering the implications of this longer term.

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Factors affecting the cost of a Joint Cover Life Insurance Policy

Health and lifestyle will influence your premiums per month and how much cover an insurer is willing to provide to you. Smoking, your height and weight, BMI, and any history of illness, your occupation and lifestyle factors like these will determine the cover and premiums.

Some jobs are riskier than others and so an office clerk will be considered less risky than a construction worker for example.


Types of Joint Life
Insurance Policies

Joint life insurance is offered in three main packages. Here are your options:

Term Life Insurance

Term Life Insurance

Term life insurance (or Level Term) is the simplest life insurance product. It has a fixed policy length, consistent monthly premiums, and a single payout.
Mortgage Protection Insurance

Mortgage Protection Insurance

Mortgage protection insurance (or Decreasing Term) is a cost-effective way to provide life cover for protecting your home. The premiums are the same but the payout decreases over time.
Whole Life Insurance

Whole Life Insurance

Whole Life Insurance features fixed premiums but no end to the policy. As long as you pay the premiums, the policy covers you until you pass away.

When Does a
Joint Policy
Pay Out?

Joint life insurance policies will only pay out one time. However, there are two types of policies offered by insurers.
First Death Policies
Second Death Policies

What Can You
Do with a Joint Life
Insurance Payout?

Joint life insurance is a brilliant option for families or partners with children. The survivor can use the payout for a number of things:
  • Mortgage repayments
  • Household bills and living expenses
  • School fees or Tuition
  • Debt repayment, such as credit cards, car loans, or hire purchase agreements
  • A payment to help your family cope with the loss of income and support
The life insurance benefit is controlled by the survivor and can be used for any of these purposes, or even more options.

Joint Life Insurance
with Critical

Illness Cover

Critical illness cover protects you and your family against the loss of income that comes with a terminal illness. If one person covered by the policy is diagnosed with a terminal illness, then the critical illness part of the policy will pay out the agreed sum. Afterwards, the joint life insurance policy will continue, but there will no longer be any critical illness cover. Critical illness covers more than 50 serious, life-threatening conditions including:

Joint Life Insurance
vs Single

Life Insurance

Joint life insurance is a brilliant choice for married couples, people in a long-term relationship, or even business partners. However, there are circumstances when two single life insurance policies may be more cost effective. These examples will show you when life insurance may be more affordable as two separate policies.
Medical Reasons
If one person has a family history of ill health or critical illness, cover may be cheaper as two separate policies. The same is true if one person has a pre-existing medical condition.

High-Risk Jobs and Hobbies

High-risk jobs and hobbies can raise premiums, so if one person is a higher risk than the other, two single life insurance policies may be better.

One Person is a Smoker

If only one person smokes, the policy will be more expensive. It may be less expensive to have two separate policies because the non-smoker’s premiums will be much lower.

Common Questions About Joint Life Insurance

Can I modify my life insurance policy?

Life insurance policies aren’t fixed and are absolutely modifiable. That is to say if your life circumstances change, perhaps you have a baby, maybe took out a mortgage on a new house or got married and need to change your coverage. Maybe you took a pay cut and need to reduce your monthly premiums.

How Much Life Insurance Cover Do We Need?
Your cover amount is a personal choice and depends on what you can afford, your plans for the payout, and what your family might need if one of you passes away. Debt repayments, funeral costs, health care, and lifestyle support should all be included in your cover amount calculations.
Can A Joint Life Insurance Policy Be Put In Trust?
Joint policies can be put in trust to pay out if you both die at the same time. The policy’s money payout would not be added to your estate and your beneficiaries would receive the money sooner. A whole life policy with the “second death” option can also be written in trust. The payout would be made to a beneficiary as a lump sum.
Is Joint Life Insurance Cover Good for New Parents?
Joint life policies are especially good for new parents because of the extra responsibility of caring for children. If one parent in the couple passes away, the surviving parent will face tremendous pressure. A joint life policy can help with childcare, mortgage repayments, credit card debts, and school fees.
What Happens To Your Joint Life Insurance Policy If You Separate?
Joint life insurance cannot be split at a later date. Some insurers will let you create two new, separate single policies. However, this may come with specific terms and conditions. Also, the premiums will be higher due to your added age.
How Long Does Joint Life Cover Last?
Joint life cover lasts for the term of the policy, usually 10, 15, or 25 years. Whole life cover continues until the people covered pass away.

We’re Here
to Help

We’re here to help you find the best joint life insurance policy for your circumstances. When you’re ready, fill in the form with some information. One of our friendly experts will be in touch to help answer questions you have. Alternatively, you can call us directly. We will provide you all the facts, go through the quotes with you, and get you the best insurance cover for your budget.