Joint Life Insurance

A joint life insurance policy covers two people. It pays out if one person in a couple passes away, after which the policy ends.

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What you need to know

  • Joint life insurance can cover both you and your partner on a single policy.
  • It can work out cheaper than two standalone policies.
  • It can be less hassle to manage one direct debit payment and one policy.

Joint life insurance vs individual life insurance


Joint life insurance

  • Couples of a joint life insurance policy are covered under a single policy and usually share the same level of cover.
  • Most operate on a first-death basis which means the life insurance benefit is paid out just once – when the first person on the policy passes away.
  • It's often an affordable and convenient solution for couples looking to take out life insurance – you can often get joint policy discount.

Individual life insurance

  • A single life insurance policy covers one person only.
  • If you both have individual life insurance policies and you or your partner dies, one policy will still be active.
  • Individuals can take out life insurance through their superannuation fund.

Direct life insurance policies that offer joint cover discounts

Name Product Maximum cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
Zurich Ezicover Life Insurance
No optional
Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). T&C’s apply.
Bendigo MaxLife Life Protect
TPD cover, Trauma cover
MaxLife Life Protect gives you a 5% joint policy discount and 10% off your premium at your next policy anniversary date when you keep your AIA Vitality status of Silver, Gold or Platinum. There are up to 3 ways to make savings on your premium, including a 5% Partner discount for you and your partner if you both take out MaxLife Income Protect or MaxLife Life Protect policies.
Suncorp Life Insurance
Trauma cover
Sign up and become a member of Suncorp Benefits. Access savings of up to 15% from major retailers. Existing members can get a 5% discount off their policy.

Compare up to 4 providers

Pros and cons of a joint life insurance policy


  • Affordability. The cost of insuring two people instead of one is cheaper, which in turn affects the price of the policy itself.
  • Peace of mind for both of you. If only one of you has life insurance cover, only one of you is protected – unlike with joint life insurance.
  • Convenience. It's one less policy to look after and one less monthly premium payment to keep up with.


  • Potentially complicated if your relationship breaks down. You'll need to cancel, split or agree to keep your policy in place.
  • You might not receive a discount. It might not be worth it if you can't receive a discount.

How do I speak to my partner or spouse about life insurance?

FAQs about joint life insurance

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