These products offer great value, with a good score across both features and price.
7+
Great
These are competitive products, though they didn't quite get top scores.
5+
Standard
These products might offer less value or command a higher premium than others in the market.
0+
Basic
These products might only offer a basic set of features or aren't very competitive on price.
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
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.
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
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How we picked these
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 out of 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.
A joint life insurance policy typically operates on a first death basis. This means the policy pays out when the first insured person passes away. After this single payout the policy ends and the surviving partner is no longer covered under that policy. They would then need to arrange new individual life insurance if they still require cover.
Generally no, a joint life insurance policy usually provides a single lump sum payout upon the first death regardless of which partner passes away. If you require different levels of cover for each person it is usually more appropriate to take out two separate individual life insurance policies.
Some insurers may allow you to add optional benefits such as total and permanent disability (TPD) cover or trauma cover to a joint life insurance policy. Similar to the life cover component, these additional benefits usually also operate on a first claim basis meaning they would cease for both partners after one claim is paid. Always check the Product Disclosure Statement PDS for details.
In most cases, a lump sum payout from a life insurance policy including a joint policy is not taxable if it is received by a financial dependent. However, if the payout goes to a non-dependent there may be tax implications. It is always best to seek independent financial advice regarding your specific circumstances.
With a joint life insurance policy you can nominate beneficiaries to receive the payout. This is similar to an individual policy where you specify who you wish to receive the funds upon the death of an insured person. It is crucial to keep your beneficiary nominations up to date especially if your circumstances change.
Generally no, life insurance policies offered through superannuation funds are almost always individual policies. Joint life insurance policies are typically held outside of superannuation. If you are considering insurance through superannuation it is important to understand the specific rules and limitations that apply.
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.
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