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.

Cheap Life Insurance

Key takeaways

  • 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

Couple

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.
Single

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.

So should you apply for a joint life insurance policy as a couple? Or does it make sense to take out two single policies? See the differences below:

Single life insurance
Joint life insurance
Who is covered?
  • Single life insurance or individual life insurance is a policy that only covers one life.
  • People who usually consider getting joint life insurance benefits are often married or co-inhabiting.
  • These couples are often with dependants they want to protect if or when they die, or suffer a critical illness.
In what events will it payout?
  • If the policyholder of the single life insurance policy passes away there will be a payout.
  • If either partner passes away there is a payout.
When should a couple consider this type of cover?
  • Ideal if one partner is either much older than the other (which can drive up costs of a joint policy) or where one partner simply doesn't qualify for life insurance.
  • If you each have different life insurance needs or one spouse doesn't need life insurance.
  • Ideal for any kind or form of interdependent relationship, where if the partner passes away, the other would face financial pressure immediately.
Looking for 'first to die' life insurance? First to die policies are not offered in Australia. If you want to read more about first to die cover you can do so here.

Pros and cons of a joint life insurance policy

Pros

  • 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.

Cons

  • 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.

Direct life insurance policies that offer joint cover

1 - 10 of 26
Product Finder Score Maximum Cover Funeral Benefit Optional TPD Cover Optional Trauma Cover
Finder score
Maximum Cover
No set limit
Funeral Benefit
$25,000
Optional TPD Cover
$3 million
(maximum cover)
Optional Trauma Cover
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
Finder score
Maximum Cover
$2.5 million
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 Customer Satisfaction Awards.

⭐ Current offer: Get a 10% discount if you're already a Medibank Health Insurance member.
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$15,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.

⭐ Current offer: Get a 10% discount if you're already an ahm Health Insurance member.
Real Life Insurance logo
Finder score
Maximum Cover
$2 million
Funeral Benefit
$20,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams.

⭐ Current offer: Get 10% cash back of the premiums you've paid after your 12-month anniversary with The Real Reward™.
Zurich Life Insurance logo
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$15,000
Optional TPD Cover
Optional Trauma Cover
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
AAMI Life Insurance  logo
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Save up to 10% on premiums every year for the life of the policy on AAMI Life Insurance. Offer ends 31 July 2025. T&Cs apply.
Suncorp Life Insurance logo
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Save up to 10% on premiums every year for the life of the policy on Suncorp Life Insurance. Offer ends 31 July 2025. T&Cs apply.
MLC Life Insurance  logo
Finder score
Maximum Cover
No set limit
Funeral Benefit
$20,000
Optional TPD Cover
$5 million
(maximum cover)
Optional Trauma Cover
OnePath Life Insurance logo
Finder score
Maximum Cover
No set limit
Funeral Benefit
$25,000
Optional TPD Cover
$5 million
(maximum cover)
Optional Trauma Cover
AIA Life Insurance  logo
Finder score
Maximum Cover
No set limit
Funeral Benefit
$25,000
Optional TPD Cover
Optional Trauma Cover
loading

Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score between 1 and 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read full Finder Score methodology

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.

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

FAQs about joint life insurance

Speak with a broker about joint life insurance

Gary Ross Hunter's headshot
Journalist

Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise
Gary Ross has written 620 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

More guides on Finder

Go to site