Life Insurance for Couples in Australia | finder.com.au

Life insurance for couples

See benefits and life insurance options for couples

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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.


You can compare joint policies with an adviser by filling out the form below. Continue reading for more information on joint policies.

Compare Life insurance quotes from these direct brands

Name Product Maximum Cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
NobleOak Life Insurance
$15,000,000
69
$3,000,000
TPD cover, Trauma cover
⭐Finder Exclusive: Get a 10% discount on your first 12 months with NobleOak Life Insurance. Offer ends 30 April 2021. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Trauma cover
Get 5% off for existing customers and get the 12th month free if you pay annually.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
Trauma cover
Get a $100 bonus gift after 2 months. Offer ends 30 September 2021. Plus get 12 months cover for the price of 11 if you pay for life insurance annually. T&Cs apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
TPD cover, Trauma cover
You could win a $2.5K EFTPOS gift card when you get a Life Insurance quote by 27 April, 2021. There are 3 prizes of $2.5K to be won. Plus, Medibank health members save 10% every year. T&Cs apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
TPD cover, Trauma cover
ahm Health members can save 10% off premiums.
Real Family Life Cover
$1,000,000
64
$1,000,000
TPD cover, Trauma cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Suncorp Life Protect Insurance
$1,500,000
65
$1,500,000
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.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
No optional
Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.
Guardian Life Insurance
$1,500,000
64
$1,500,000
TPD cover, Trauma cover
Cover up to $1.5 million with Guardian Life Insurance.
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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

Compare life insurance policies for couples

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2 Responses

    Default Gravatar
    RobertJuly 22, 2017

    I would like to obtain a quote for couples life & TPD insurance to cover for $500k in each case and on either person.

      Avatarfinder Customer Care
      RenchJuly 22, 2017Staff

      Hi Robert,

      Thanks for your inquiry.

      Please fill out the form above this page to receive a quote and compare life insurance options for couples.

      Cheers,
      Rench

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