Compare Joint Life Insurance Quotes
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Compare joint life insurance quotes from the UK's leading lenders
We compare joint life insurance cover from the UK's biggest brands
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You can then apply online and your application will be processed directly by the joint life insurance provider.
Is it better to take out Joint Insurance if you have a partner or are married?
This is a choice for the individual. Whilst the cost of the premiums will be cheaper if a joint policy is taken out, most insurance companies will pay out only once so if one person dies, the insurance will be paid out and the policy ended. When the other person then dies, there will be no payment out. With separate policies, although they might cost more, if one person dies then the insurance company will pay out and then if the other person dies then the insurance company will pay out again under that separate policy.
Types of joint life insurance
First to die
In this type of policy, the death benefit is paid out upon the death of the first insured person. After the death benefit is paid, the policy typically terminates, and the surviving insured person is no longer covered. This type of policy is often used to provide financial support for the surviving spouse or partner.
Last to die
With this type of policy, the death benefit is paid out only after both insured individuals have passed away. It is often used for estate planning purposes, as the death benefit can help cover estate taxes or provide an inheritance for heirs.
What happens to the policy if the relationship ends or one person passes away?
The policy generally continues for the surviving insured individual. However, some policies may allow for changes, conversion to single policies, or other options in such situations.
FAQ
Need more help?
Can I have more than one life insurance policy at the same time?
You can legally have as many life insurance policies as you like. Some people take out more than one policy to cover different requirements, but a single policy covering everything you need may be cheaper.
How does joint life insurance differ from two separate policies?
Joint life insurance covers both individuals under one policy, providing a payout upon the first death. In contrast, two separate policies would pay out upon the death of each insured individual.
How does the payout work in joint life insurance?
The policy pays out a lump sum benefit upon the death of one of the insured individuals. After the payout, the policy typically terminates.
Can joint life insurance be used to cover a mortgage?
Joint life insurance is commonly used to cover a joint mortgage. The lump sum benefit can be used to repay the outstanding mortgage balance in the event of one of the insured individuals’ death.
Is joint life insurance more cost-effective than two separate policies?
Joint life insurance is often more cost-effective than purchasing two separate policies. However, it’s crucial to assess individual needs and consider factors like coverage amount and term length.
