Joint life insurance works much like standard life insurance:
There are 2 types of policy lengths available to you:
Level term or term life insurance has a fixed premium and a fixed lump sum of money that pays out. The amount you decide on is the amount paid out when someone dies.
Decreasing term or mortgage life insurance is slightly different. The amount you choose decreases over time as long as you or your partner are still alive. The decreasing payout is designed to protect against a loan or mortgage.
"Joint life insurance could save you time and money, but it’s worth weighing the pros and cons carefully. While you’ll only need one policy, it also means just one payout. After that, the surviving partner won’t be covered, which could make getting a new policy harder as they age."
Figuring out how much cover you need is important. Too much and you could be paying more than you need to. Too little, and your payout might not cover what you want it to.
Try our life insurance calculator to estimate how much cover you need
The type of policy. A decreasing mortgage life policy could be a cheaper option. But think about if it meets your and your loved ones' needs.
The length of cover. The length of your policy determines how much your monthly payments are.
The amount of cover. The more you choose to leave for your loved ones, the more your payments cost.
Your age. The younger you are, the cheaper your policy tends to be.
Your health. If you're a smoker or a heavy drinker, expect to pay more for your policy. Your height and weight also play a part in how much you pay.
Your job. If you have a high risk job or enjoy dangerous hobbies, life insurance could be more expensive or harder to get. Our guide on life insurance exclusions explains all.
Before you choose a life insurance policy, there are a few things you should consider:
What your budget is. Joint life insurance should work out cheaper than 2 individual life policies. But you still need to make sure you can afford your joint policy. Try to work out a balance between leaving enough behind for your loved ones but also affordable monthly payments.
What cover level you choose. Look over the different types of life insurance policies and try to work out how much cover you need. You should take time to calculate your joint monthly expenditure, including your mortgage payments and all your outgoings. Look at each of your earnings and think about whether you both need the same level of cover.
Your future and relationship. Review your policy from time to time, especially if your circumstances change. A relationship breakdown can bring joint life insurance policies to an end, in which case you might decide to get a single life policy.
How long your family will be dependent on your income. If you have a young family, think about how long they'll need to be supported for. A payout that runs for as long as they’ll need financial support could be a good idea.
How long you want to pay. The longer your cover term, the longer you have to keep paying. Most people have their policy last around 25 to 30 years. This is usually long enough to cover their mortgage and the time in which their kids will depend on them financially.
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Pays out an amount that decreases over time, usually in line with your mortgage
Pays out a lump sum if you're diagnosed with an illness covered by your policy
Covers your bills if you're injured or ill and are unable to work. Short term policies and longer ones available
Covers the cost of private medical care, helping you avoid NHS waiting lists to get the cover you need, quickly
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