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Joint Life Insurance Policies | Ensure you and and your other half is fully protected

Joint Life Insurance are normally cheaper than buying two separate policies - but there are other advantages too.

Joint Life Insurance

A joint life insurance policy is a single policy which covers both you and your partner.

This means, if one of you should die, the other will receive a lump sum payment which can then be used for any purpose at all - from paying off a mortgage or loan to funding day to day living expenses. It is tax free. It can also provide significant financial security or be passed onto further generations in the future.

Our joint life insurance policy advisors will be very happy to share their knowledge and expertise with you and discuss the benefits of taking out a couples insurance policy They will also take into consideration any other policies you already have to make sure you are fully aware of the overall protection that you have in place.

What our Experts say

"Life Insurance can provide real peace of mind in what can be devastating circumstances.

It can feel like there is an enormous amount to consider and sometimes the jargon can be overwhelming. By talking to an expert, you can be more confident that you have the product you need in place to help when you need it most."

Mark Bower Moneymaxim Insurance Expert

Any advice provided is totally fee-free and without obligation.

What is Joint Life Insurance?

Joint Life Insurance is a policy that pays out on the death of the first to die. It's the type of policy that is used to protect a mortgage - as once the mortgage is repaid it won't need to be repaid again.

It might be less suitable if you are looking to cover two substantial incomes - and provide funds for your next generation but, as it will only be paid once, it is generally cheaper than buying two single life policies that could both be paid out on.

Again, that is where a discussion with an advisor is often useful as a combination of joint and single policies can also be considered.

If you are looking for mortgage protection and you are over 60 our expert partners can also help.

How quickly can a joint life insurance policy be put in place?

In some cases very quickly - as long as your medical questionnaire means that no further screening is required, a policy can be put in place almost immediately.

If you feel that your age or medical history may mean an Insurer will want to obtain further information, it’s best to speak with an adviser as they will be able to recommend the right insurer for you. In many cases, this could mean avoiding the need to involve your doctor which will save time.

Can I avoid Medical Screening for a Joint Life Insurance Policy?

An advantage of using our service is that the advisors can let you know the screening requirements of different insurers, so you can sometimes avoid screening altogether by tweaking your policy requirements, or by changing insurers. All will, of course, depend on your personal circumstances - and it's really important that you make the team fully aware of any health conditions.

If you are in your 30s and want guaranteed life insurance without having a medical then there are likely to be a number of options available to you. Get in touch and we can assist.

What are the advantages of joint life insurance over single life insurance?

  • Both you and your partner are protected

  • In most cases it's cheaper than two single life insurance policies.

  • This is because it will only pay out once

What are the advantages of single life insurance over joint life insurance?

  • It could pay out twice (once on each policy) - if both policyholders die during the term

  • After the death of the first policyholder the other party will still be covered

  • Each policy is totally independent of the other, so in the unfortunate situation of concurrent death, say in an accident, both policies would be paid out on.

Which is best - Joint Life Insurance or Single Life Insurance?

It really depends on your personal circumstances. If you are looking to protect just the two of you, probably a joint life insurance policy is going to be the best. This is because there is little benefit of insuring the second life when the first partner has already passed.

However, if you are looking to protect further members of your family, such as children, you might decide that two policies will protect your family more comprehensively.

However you might decide that a mix of different types of policy will work better for you. Many will take a joint life insurance alongside a family life insurance policy, which rather than paying out a lump sum will pay out monthly or quarterly - this can produce a steady income for years to come.

A discussion around your end goals for your protection planning is another good reason to talk to life insurance experts - as they will be able to tailor policies to your needs.

Do I need to be married to get a joint life assurance policy?

Not at all - in fact any two people can take out a joint policy, as long as there is a good reason for it. This could be because you rely financially on each other or maybe own a joint property. This is called an 'insurable interest'.

Why is joint life insurance cheaper than single life insurance?

Whist there are occasions when two single trip policies may be cheaper (if for example there are different periods for each individual you want to cover) in most situations a joint life insurance policy is cheaper because it will only pay out once, on the first life rather than on both.

What is the situation regarding my joint life insurance policy if I get divorced?

The plan can be split into two separate single life policies. The same applies if you are not married.

It could be, though, that you would prefer to transfer the policy to just one person. This can be arranged as well, but will require some legal paperwork to be completed.

Finally, if the policy is protecting a mortgage and the property is to be sold as a result of the divorce or separation, you might just want to cancel the policy as there is no longer a need for it.

If you are facing this situation, it is a really good idea to get in touch with our team using the button above or by clicking on the link below as they will be able to advise whether splitting the existing policy, or cancelling it and starting afresh with two new policies would be best for you.


As you can see there are clear benefits for many people to take a joint life insurance policy - but everything depends on your personal circumstances and goals. Our partner would be delighted to discuss your options on a totally fee-free, no obligation basis and, if you would like us to arrange this, please just click the link below and we will get an expert in touch with you very shortly.

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Our expert partner in life assurance is LifeSearch one of the UK's leading life assurance brokers. Lifesearch have been offering their services for more than 25 years now. They can arrange cover through a number of companies including Aviva, AIG, British Friendly, Legal & General, LV=, Royal London,The Exeter, Guardian, Vitality, Cirencester, Scottish Widows,National Friendly, Holloway, Shepherds Friendly and Zurich. They are, like MoneyMaxim, regulated and authorised by the FCA, and guarantee to provide you the most competitive premium possible to fit your needs fee free and without obligation.

Image courtesy of: Stocksnap at Pixabay

This content was last reviewed on 18/04/2024