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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.

What you need to know

  • 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.

Direct life insurance policies that offer joint cover

1 - 4 of 6
Name Product Couples Cover Maximum Entry Age Maximum Cover Claims Acceptance Rate Average Claim Time Sum Insured
Real Family Life Cover
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
AAMI Life Insurance
65
$1,500,000
Data not available
3.1 months
$37,768 million
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: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
65
$1,500,000
Data not available
3.1 months
$37,768 million
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: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Allianz Life Plan
65
$1,500,000
Data not available
Data not available
$12,515 million
Our verdict: Allianz offers competitive maximum payouts of up to $1.5 million. With a policy cancellation rate of 8.4%, Allianz betters the industry average of 10.9%.
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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

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.

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

Why you can trust Finder's life insurance experts

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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.
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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.

FAQs about joint life insurance

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