How to Get Cheap Joint Life Insurance

If you're thinking of buying life insurance but are put off by the idea of adding another monthly bill, a joint policy could be a more affordable option. Designed for couples or partners, it’s a single policy that covers two people, often costing less than taking out two separate plans.

While saving money is appealing, you still need to make sure the policy suits both of your needs. In this guide, we’ll explain how joint life insurance works, whether it’s actually cheaper than two single policies, and the simple ways you can keep your premiums as low as possible without compromising on the protection you need.

What is joint life insurance?

Joint life insurance is essentially a single policy that covers two people, usually partners, spouses, or anyone who shares financial responsibilities. Instead of each person having their own policy, you’re both protected under one plan.

Most joint policies are set up on a first death basis, meaning the policy pays out when the first person passes away. After that, the policy ends, leaving the surviving partner free to arrange new cover if needed.

There are also second death policies, which only pay out after both people have passed, though these are typically used for inheritance planning rather than everyday protection.

A joint policy can be useful if you share mortgage payments or want to make sure your partner is financially supported if something happens to you.

Is joint life insurance cheaper than two single policies?

In most cases, a joint policy can be cheaper than taking out separate policies. That’s because it usually only pays out once, so the insurer’s risk (and therefore your monthly premium) is lower.

However, cheaper doesn’t always mean better value. If one of you has different needs, for example, a higher income, it may be more cost-effective to take out two single policies instead.

Ways to lower the cost of joint life insurance

There are a few simple steps you can take to help reduce the cost of your joint policy without cutting corners on cover:

1. Shop around and compare providers

Life insurance prices vary from one provider to another, so it’s worth comparing a few quotes before you commit. Even small differences in monthly premiums can add up over the years.

For a free, no-obligation quote, simply enter our quick and easy form to compare life insurance quotes online.

2. Avoid over-insuring

It’s understandable to want as much cover as possible, but it’s important to make sure it realistically reflects your needs. In most cases, covering essentials like your mortgage, outstanding debts, living expenses, and funeral costs may be enough. Anything beyond that could simply increase your premiums without adding meaningful value.

For more information, see our guide on 'How much life insurance cover do I need?'

3. Consider the right policy type

Term life insurance is usually cheaper than whole-of-life cover, as it only protects you for a set number of years. So if your main goal is to cover your mortgage or provide short-term support, a term policy may be more cost-effective.

However, if you want guaranteed protection, whole life insurance is a great way to provide peace of mind. Unlike term cover, the policy doesn't expire, so all you need to do is continue paying your premiums.

4. Choose the right term length

Ideally, you want to pick a policy term that adequately matches your financial commitments. For example, if you have 20 years left on your mortgage, then a 20-year term is likely to be sufficient. It's important to remember, though, that longer terms mean higher costs, so only pay for what you need.

5. Look at your health and lifestyle

Insurers base premiums on risk, so generally, healthier lifestyles can lead to lower costs. Quitting smoking, for example, can be a big help when it comes to reducing your premiums.

You may also be charged more if you have a pre-existing medical condition. While it’s tempting to withhold such information it could cause issues later on like a payout being denied to your loved ones.

Common questions about joint life insurance

What happens if we separate?

If you and your partner separate or divorce, some joint life insurance policies can simply be converted to single policies, but this will be up to your provider. 

Other options include cancelling the plan and taking out new cover, or keeping the insurance.

For more information, please see: What happens to joint life insurance after divorce?

Does joint life insurance cover both of us equally?

Yes, joint life insurance covers both policyholders for the same amount, it doesn’t matter who passes away first. The payout amount is agreed at the start of the policy and is the same regardless of who makes the claim.

Keep in mind that once the benefit has been paid, the policy usually ends, so the surviving partner will no longer be covered and may need to take out a new policy to remain protected.

Can joint life insurance include critical illness cover?

Many insurers allow you to add critical illness cover to a joint policy. This means the policy could pay out if either of you is diagnosed with a serious medical condition listed in the policy, such as cancer, heart attack, or stroke. Adding this type of protection will likely increase your premium, so it’s important to weigh up whether it fits within your budget and needs.

Can we choose how much cover we each get?

Not usually. A joint policy provides a shared level of cover that applies to both partners equally. The amount you agree on will be the total amount paid out on the first claim.

If you each want different levels of protection based on your income, debts, or personal responsibilities, it might make more sense to take out two single policies instead.

If you would like more information on which type of life insurance may be right for you, our advisers are here to help. Call us today for expert guidance and a no-obligation discussion about your options.