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Life insurance for couples

Some insurers offer joint policy discounts which can save you up to 10% off your premiums. But changing back to 2 singles policies has its pitfalls.

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) 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 looked after 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

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.

Finder survey: What events make Australians take out or adjust their life insurance coverage?

ResponseMaleFemale
Getting married18.37%14.59%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023

Pros and cons of a joint life insurance policy

Pros

  • Affordability. The cost of insuring two people instead of one is cheaper.
  • Peace of mind for both of you. With a joint life insurance policy, both of you will be protected.
  • Convenience. It's one less policy to look after and one less monthly 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?

Life insurance for married couples

Getting married is often a key stage for many Australians to consider taking out life cover. 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: Consider some of the expenses that would need to be covered if your children needed care;
    • 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. you 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?

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.

Key considerations for couples looking to take out life insurance

Or speak to an insurance specialist to help you find personalised cover

Why you can trust Finder's life insurance experts

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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.

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