Joint or single life insurance?

Is "joint life insurance" available in Australia?

Life insurance is not only important to consider for the main breadwinner of the family, but also the partner/spouse regardless of whether they are engaged in full-time employment. Joint life insurance is generally only available from direct life insurance brands.

It will cover both you and your partner under the single policy and payout on the first death. There is a single premium to be paid. The table below lists brands on that currently offer Joint Life Insurance.

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
No expiry age as long as premiums are paid
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™. Take out cover today and you could get a bonus $100 Gift Card.
Get a quote for up to $15 million in life insurance cover. Cover can be tailored to meet your personal needs.
Flexible cover options to suit your budget. New eligible customers can receive 25,000 Velocity Points. Ends 31 Aug 2018. Min monthly premium and T&Cs apply.
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

A simple life insurance product that can offer up to $1,500,000 in a lump sum payment on death or diagnosis of terminal illness.
Get flexible life insurance up to the sum of $2,000,000.

Compare up to 4 providers

While joint life insurance is not available from life insurance companies, many will still provide a premium discount if both you and your partner apply for cover at the same time. This can be as much as 10% of your premium. Your life insurance consultant can help you find brands that offer up to 10% discounts for joint policies.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Why is it so important to insure the non-working spouse/partner?

Homemakers have significant contributions to the household, even if they are not in a monetary form, from maintaining the family home, taking care of the children, and performing common household duties. Therefore, it is also important to consider life insurance to safeguard the value of someone to take care of the family unit. If the primary income earner passes away, there are responsibilities that would need to be addressed such as:

  • Cooking
  • Cleaning
  • Laundry
  • Purchasing groceries
  • Taking children to school

These are just some of duties that may need to be filled in the event that they were to pass away. The benefit from a life insurance policy can be used to cover rent/mortgage payments, everyday living expenses and the additional costs of employing a nanny or cleaner to take care of the home without impacting your occupation.

What types of cover are available for me and my partner?

There are a number of different types of life insurance that you may think are worth having for you and/or your partner. Policies can be taken out in any combination based on your cover requirements eg, you may take out both life insurance and TPD insurance for yourself but only life insurance for your partner. The types of cover available in Australia include:

  • Life Insurance: Provides a lump sum benefit in the event of your death or diagnosis of terminal illness with less than 12 months to live
  • TPD Insurance: Provides a lump sum or ongoing benefit payment in the event you suffer a disability that is deemed total and permanent
  • Trauma Insurance: Provides a lump sum benefit in the event that you suffer a specified trauma event
  • Income Protection: Provides a regular ongoing benefit of 75% of your income if you are unable to work due to serious illness or injury

Learn more about these different types of cover

Have you considered child cover for your children?

Some insurance brands also offer Child Cover as an additional option. Child cover will provide a lump-sum benefit (usually up to $200,000) in the event that your child passes away or suffers a critical illness.

Child cover is available for an additional premium payment.

Learn more of the benefits of child cover

Key steps in choosing the right life insurance policy for you and your spouse

Deciding between having a joint or separate single life insurance plans is not the only factor to consider by you and your spouse/partner. There are other elements to determine when choosing the right life insurance plan for you:

  • Cover amount: It is essential to determine the right amount of cover that will be sufficient should anything happen to either one of you. It is also important to consider the different income levels of each person to insure, which may be reduced for the homemaker.
  • Child cover: You have the option to include your children in your joint life insurance policy. Child cover can provide protection should your child be seriously ill or injured and helps you to alleviate the financial burden of meeting the medical costs incurred.
  • Policy features and benefits: often vary widely between insurance providers, so it is important to compare them and choose additional options that can provide you with the most benefits.
  • Terms and conditions: Have a clear understanding of what you are and are not covered for. Different policies will often have different exclusions and can affect the outcome at the time of claim.

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Richard Laycock

Richard is the Insurance Editor at finder, and has been wrangling insurance Product Disclosure Statements for the last 4 years. When he’s not helping Aussies make sense of the fine print, he can be found testing the quality of Aperol Spritzes in his new found home of New York. Richard studied Journalism at Macquarie University and The Missouri School of Journalism, and has a Tier 1 certification in General Advice for Life Insurance. He has also been published in CSO Australia and Dynamic Business.

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