Life insurance for couples

If you are in a relationship with someone and both have financial obligations that would be left behind if one were to pass away, it could be worth considering protective cover to ensure the partner does not endure financial hardship. Couple life insurance (also known as joint life insurance or first to die insurance) cover includes:

• Lump sum payment. The lump sum benefit from a life or trauma insurance policy can go a long way to ensure that the person you care for (and in some cases, the children you leave behind) are cared for and are able to maintain their current way of life
• Joint policy discounts. Joint policies can attract premium discounts as great as 5% for couples.

Compare couples life insurance policies and quotes from these direct brands

We know price is important, but we don't include costs in our life insurance comparison. That's because quotes are tailored to your specific circumstances.

Compare benefits of the providers below, then we'll take you directly to the insurer for you to get a personalised quote.

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Name	Product	Couples Cover	Maximum Entry Age	Minimum Cover	Maximum Cover
Real Family Life Cover			64	$100,000	$1,000,000	Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .	Get Quote View details	Compare	loading Fetching your data...
Zurich Ezicover Life Insurance			69	$50,000	$1,500,000	Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). Customers who suffer a serious side effect from an approved COVID vaccination may be eligible for a $50,000 one-off payment. T&C’s apply.	Get Quote View details	Compare	loading Fetching your data...
HBF Ezicover Life Insurance			69	$50,000	$1,500,000	Cover from $50,000 to $1,500,000. 10% off premiums for the second policy if you and your partner purchase policies at the same time.	View details	Compare	loading Fetching your data...
RAC Life Protect			65	$100,000	$1,000,000	Cover from $100,000 to $1,000,000 access to AIA vitality rewards plus become a RAC member. You also get 10% off when you buy online.	View details	Compare	loading Fetching your data...
Allianz Life Plan			65	$100,000	$1,500,000	Insure up to 2 people on the same policy, get up to $1,500,000 million depending on your age and $15,000 funeral advancement included within the cover.	View details	Compare	loading Fetching your data...
Bendigo MaxLife Life Protect			65	$100,000	$1,000,000	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.	View details	Compare	loading Fetching your data...
Kogan Life Cover			64	$100,000	$1,000,000	Aussie residents aged 18 to 64 are eligible to apply for cover and can choose a benefit amount between $100,000 and $1,000,000.	View details	Compare	loading Fetching your data...
Woolworths Life Insurance			65	$100,000	$1,500,000	Up to $1,500,000 in cover and the ability to choose how frequently you pay your premiums: fortnightly, monthly or annually.	View details	Compare	loading Fetching your data...
Australian Seniors Term Life Insurance			79	$10,000	$100,000	Take out life insurance up to the age of 79 and get up to $100,000 worth of cover.	View details	Compare	loading Fetching your data...

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Life insurance for married couples

Getting married is often a key stage for many Australians to consider taking out life cover. It is a time that often brings new financial obligations and for many a time where they do not have as much disposable income as they will in later stages. Some key financial obligations that can arise at this stage include;

• Car Loan, Credit Card Debt and Personal Loans: Small personal loans can combine to create a significant expense to be covered.
• Mortgage: Many couples will look to buy their first home after having tied the knot. A new home and mortgage is for many the biggest financial commitment they will make in their lives. Having the right level of cover in place to ensure that one's spouse is not left with this hefty debt is essential.
• Dependent Children: The arrival of your first children is an exciting time for any parent. With this arrival also comes a realisation of how they would cope if one of the parents were to pass away or become seriously ill. Consider some of the expenses that would need to be covered;
  • Clothing
  • Food
  • School Fees
  • Medical Bills

Should unmarried couples consider life insurance?

Whether life insurance is worth considering for unmarried couples really comes down to their own situation and if they have any current or future shared obligations. Some of these obligations could include:

• Children
• Mortgages
• Short term debts e.g. credit card
• Other loans e.g. car loans

If there is shared financial obligation i.e. they may not be married but already have a child or have accumulated mortgage debt, then it is still worth taking out a joint plan.

What's the benefit of taking out cover at a younger age for couples

It is worth noting that it is still worth young couples considering life cover even if they do not have the same financial obligations that they expect to have later in life.

Taking out cover at a younger age, can save applicants thousands as they will most likely be in better health than in later in their life and will be looked on more favourably by an insurance underwriter.

Most policies will feature “Guaranteed Insurability Feature” which allows policyholders to apply for more cover into the future without having to undertake further medical underwriting. This means that you do not have to predict how your situation may change in years ahead but still take advantage of competitive premium rates.

What happens to joint life insurance for divorced couples

Unfortunately not every relationship withstands the test of time and many people are often left wondering what would become of their joint policy in the event of divorce or separation.

There are a number of options available for people in this situation;

• One spouse can take on the policy and repay a percentage of the sum-insured to their previous partner. The policy will be passed on to the one policy owner and they will be entitled to all of the policy benefits. It is best practice to ensure that a contact is devised to ensure this is withheld.
• The joint policy can be cancelled and two new policies can be applied for by the separate parties.
• If the couple remain on good terms after the separation, the policy could remain in place with an agreement for premium payments to be shared. This could be complicated as new financial obligations arise.

Key considerations for couples looking to take out life insurance

• 1. Who is the main breadwinner?

  It is important to consider the difference in income stream from both partners. There should be a greater sum insured in place for the person contributing the greater amount to the combined household income.

• 2. Domestic and workplace duties of both partners

  Even if one partner does not work, their role in the family and duties performed can still equate to a significant dollar value. To put it another way, consider the hours that may be spent carrying out household duties and how much would need to be paid to have these duties covered by a professional housekeeper.

  Whether it be mowing the lawn, feeding the kids, taking the kids to school or cleaning the house, every task undertaken by a parent can have a dollar value associated to it. Consider how your finances may be affected if the surviving parent was left with all of these responsibilities on top of earning an income.

• 3. Bundled Policies with TPD and Trauma Cover

  The reality is that while many families may not have to endure the hardship of loosing a loved one, many families may still endure the hardship that is brought from serious injury or illness. A 2011 underinsurance Infographic by humblesavers.com showed that in the space of 12 months, over 235,000 working age people with dependent children, suffered a serious injury or illness. In addition, statistics have shown that 1 in 3 women and 1 in 4 men will suffer some form of cancer in their lifetime. What these statistics show is an important to consider other forms of living insurance to provide adequate support to families forced to stop work and deal with these illnesses.

  Trauma Cover for Couples

  Trauma cover can provide excellent support for couples where one has suffered a specified medical trauma such as stroke, cancer or heart attack. The lump sum benefit paid can ensure that medical expenses can be covered and the family may continue its way of life if the insured is forced to take time off work.

  TPD Cover for Couples

  TPD provides a lump sum benefit if the policyholder becomes disabled and is unable to work again. This benefit could ensure that the family is still able to maintain their way of life and the spouse could continue to earn an income while the proper care is provided for the disabled partner.

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