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Joint life insurance is a life insurance plan that covers two people. Whilst it is usually bought by couples, it can be taken out by anybody. The main benefit of this plan is that it can often be cheaper than purchasing two separate policies.
Joint life insurance is available on a ‘first death’ or ‘second death’ basis.
To talk to an expert about joint life insurance, you can call us on
01392 436193
(Monday to Thursday 9am – 5.30pm, Friday 9am – 5pm)
Joint life insurance policies work in two ways:
As the name implies, this type of life insurance plan covers two people and would pay out upon the first person passing away. The plan would then cease to exist.
This type of joint life insurance is mainly seen as term life insurance, but can be bought as whole life insurance through select insurers.
In comparison, joint life, second death insurance looks to pay out upon the death of the second person instead. Because of this, the plan is mainly available as a whole life plan and is often used as an option to cover a potential Inheritance Tax liability.
Some providers do also offer joint life, second death policies as a term insurance plan, but it is much rarer. Please speak to an adviser if this is what you are looking for.
Life insurance is a policy that pays out funds to your loved ones if you were to pass away.
There are 2 main types of life insurance policies - term life insurance and whole life insurance.
Term life insurance is an insurance policy that has a start and an end date, i.e. 10 years, 20 years, 30 years etc.
You are able to pick the amount of time you are covered for and the policy expires at the end of the agreed term. Put simply, it is protection for a particular period of time, meaning that a payout is not guaranteed.
Because of the limited time you are covered, this type of policy is usually the cheapest available on the market.
Learn more about term life insurance.
Whole of life insurance is a policy that has a start date and runs until you pass away, whenever that may be. This means that a payout is guaranteed, so long as you are up to date with your payments. Since this plan comes with a guaranteed payout, it is usually more expensive than term life insurance.
Learn more about whole life insurance.
The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums your cover will stop, your policy will end, and you will receive no benefit.
For term life insurance, if you have not claimed before the end of your chosen policy term, the policy will end, and no benefit will be paid.
If you experience financial difficulty and can no longer pay your premiums, please contact your insurer before cancelling your policy and before it lapses automatically as they may have options available to stop you losing the plan.
This will come down to your personal circumstances. Joint life insurance plans are a popular choice among married couples, couples in long term relationships or couples with a shared financial liability - like a mortgage, children, debts etc.
It could also be set up to provide a lump sum to your partner if you were to pass away, allowing them to maintain their current standard of living even after you die. It may also be used to cover funeral costs and other end-of-life expenses.
An example where joint life insurance may be helpful:
If you have taken out a mortgage with your partner and one of you were to pass away, then the mortgage only needs to be paid off once, so a joint life, first death plan may be the most appropriate policy for you.
How long you take out your joint life insurance policy for will be another decision that is personal to you. It ultimately comes down to how long your financial liability is.
Some things you may want to consider are:
The length of your mortgage
The length of any other debts
The age of your children
The age of any other dependents
The cost of joint life insurance isn’t fixed and will vary from couple to couple. Insurers assess risk based on several personal and policy-specific factors, including:
Age is one of the biggest factors in determining cost. The older you are when you take out a policy, the higher the risk to the insurer, which usually results in higher premiums.
Joint life insurance is priced using the details of both people, so the age of the older applicant will typically have a greater impact on the cost.
Insurers will ask about your medical history, including any current or past conditions. This helps them assess the likelihood of a claim being made during the policy term.
If one or both of you have a medical condition, the insurer may increase the premium. Each insurer assesses medical information differently, which is why comparing the market can make a real difference.
Smoking can significantly increase the cost of cover, as it is associated with a higher risk of serious health conditions. If either of you smokes or vapes, the policy will usually be rated at smoker premiums.
The higher the payout you choose, the more the policy will cost. Many couples choose a cover amount that reflects their outstanding mortgage, debts, or the level of financial support they’d want to leave behind.
Your job can affect premiums if it involves a higher risk. For example, roles that involve working at heights, with heavy machinery, or in hazardous environments may lead to higher premiums. Learn more about how your job can affect life insurance.
Policies taken out for longer terms generally cost more overall, as the insurer is covering you for a longer period of time.
Joint life, first death policies are usually cheaper than second death policies.
This is because first death policies pay out once the first claim is made and then end, whereas second death policies are often designed to pay out much later and are often set up as whole of life plans.
Adding additional protection, such ascritical illness cover, will increase the cost of the policy. However, it can also provide valuable financial support if one of you were to be diagnosed with a serious illness during the policy term.
If you happen to split up or divorce your partner whilst your joint life insurance is still in place, there are a few options you can consider:
Keep the policy: Even if you split up or divorce your partner, you could choose to keep the policy in place if you want to. In this instance, you may only need to contact your insurer if one of you is changing your name or address.
See if you can split the policy: Some insurers will allow you to split the policy into 2 single policies, so be sure to contact your insurer first of all to see what they can do.
See if you can remove one person: If only one of you would like to keep the policy, contact your insurer to see if the other can simply be removed from the policy.
Cancel the policy: If you decide to cancel the policy you won’t receive any compensation on the premiums previously paid. Both parties will then need to take out individual cover if required.
The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums your cover will stop, your policy will end, and you will receive no benefit. For term life insurance, if you have not claimed before the end of your chosen policy term, the policy will end, and no benefit will be paid.
If you are in generally good health and are looking for joint life, first death term insurance, you can get started online.
To provide you with an accurate quote, we’ll need some basic details about both you and your partner.
You’ll be asked a few questions, including:
The full names of you and your partner
Dates of birth
Occupations
Whether you smoke or have any lifestyle habits that may affect cover
Your medical history, including any pre-existing conditions
How long you want the policy to run for
The type of cover you’re looking for
You’ll also have the option to add extra cover, such as critical illness cover, if you’d like additional protection.
For any other type of joint life insurance plan, or if you have a medical disclosure, please speak to an expert on
01392 436 193 (Monday - Thursday 9am - 5.30pm, Friday 9am - 5pm)
There isn’t a one-size-fits-all answer. Joint life insurance can be more cost-effective and simple if you want to cover shared financial commitments. Two single policies could offer more flexibility because each person’s policy pays out independently.
Joint life insurance can be cheaper than two single life insurance policies because it covers two lives under one policy. There are two types of cover - first death, and second death. With first death, the policy pays out upon the first death. With second death, the policy pays out after both policyholders have passed away.
Joint life insurance is popular with:
Married couples or long-term partners
Couples with a shared mortgage or other financial commitments
Families who want to provide financial security for children or dependents
Anyone looking to simplify their cover by having one policy instead of two
It can also be suitable for non-married couples who share financial responsibilities.
The length of your policy depends on your chosen term and personal financial commitments.
Term policies usually cover a specific number of years, such as the length of your mortgage or until your children are independent.
Whole of life policies run until on or both policyholders pass away, which can be useful for inheritance planning.
Yes, many insurers allow you to add critical illness cover to a joint policy. This provides a lump sum if one of you is diagnosed with a specified serious illness during the policy term. It can give additional peace of mind, but it may increase the premium.
Yes, non-married couples can take out joint life insurance policies, which can be an effective way to provide financial protection for shared commitments such as a mortgage or children.
Over 50s plans cover one person only and are a good option if regular cover isn’t an option.
For those where regular cover is available, joint life insurance can be purchased for those over 50 years of age, depending on the insurer.
Policies are available as term or whole cover, but premiums may be higher due to age and health factors. Our advisers can help you compare options and find the best solution.
Yes, writing a policy in trust allows the payout to go directly to the named beneficiaries, rather than forming part of your estate. This can speed up the claims process and may help reduce Inheritance Tax liabilities.
First or second death policies can both be placed in trust, depending on your needs.
You can cancel a joint life insurance policy at any time. However, if you do, you will not receive any refund of premiums already paid (outside of your cool-off window), and you may need to take out individual policies if you still require cover. Learn more about cancelling life insurance.
If you experience financial difficulties, speak to your insurer before cancelling. They may offer options to keep your cover in place.
Give our advisers a call today.
Our team of friendly and professional advisers are on hand to help with any questions you may have regarding Life Insurance.
The advisers can also make recommendations tailored to your current situation and will research the market on your behalf, ensuring you secure the cover you need and supporting you every step of the way.
01392 436193
(Monday to Thursday 9am – 5.30pm, Friday 9am – 5pm)
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