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.
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
Why compare life insurance with Finder?
You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
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.
Why you can trust Finder's life insurance experts
You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
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FAQs about joint life insurance
Speak with a broker about joint life insurance
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