Life Insurance for Couples | Money Saving Advisors
Explore joint life insurance policies for couples. See how one policy can cover two people effectively.
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One couple, one policy
When you're in a relationship, your lives are closely linked - emotionally, practically, and financially. Life insurance for couples is about making sure the one you love is looked after if the unexpected happens. It's not just for married people or parents - it's for anyone who shares a life and financial future together.
Checking your options
One of the first decisions couples face is whether to take out a joint life insurance policy or get two separate ones. Each has pros and cons depending on your situation.
- "First death" joint policy
This is a single life insurance policy that covers both partners. It pays out once, on the death of the first partner, and then the policy ends. These are usually cheaper than two separate policies. - Individual life insurance
Two separate policies - one for each person - can be more flexible. If one of you dies, that policy pays out, but the other remains in place. This could mean two payouts if both partners pass away during the policy term.
Which to choose?
Joint cover is more cost-effective and simpler to manage - but only offers one payout. If you want more long-term protection or the flexibility to leave money to different beneficiaries, separate policies may be a better fit, especially if you're not married or in a civil partnership.
The right cover for your lifestyle
The right policy for one couple might not suit another. It should always match your shared life and responsibilities.
- Covering a mortgage
If you own a home together, life insurance can help pay off a repayment mortgage so the surviving partner isn't left struggling. You could choose decreasing term life insurance, which reduces over time as your mortgage balance shrinks. - Raising children or sharing bills
If you rely on each other’s income to manage bills, childcare, or savings, life insurance means those costs can still be met. With level term insurance, a fixed payout helps the surviving partner cover those costs. If you have children, consider adding critical illness cover or updating your will.
Summing up
Life insurance for couples is about protecting your shared life and easing financial stress during the hardest times. Whether you choose joint or separate cover, the goal is the same - looking out for each other as your relationship, income, and responsibilities grow.
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Frequently Asked Questions
Can unmarried couples get joint life insurance?
Sure - being married isn't a requirement. As long as you both live in the UK and can show a shared financial commitment (like a mortgage, rent, or bills), you're eligible for joint life insurance cover. It's a popular option for cohabiting couples who want to keep it simple and affordable. Bear in mind that joint policies usually pay out only once - so it's important to think about whether that works for you.
Is joint life insurance cheaper than single?
Joint is often cheaper than two separate life insurance policies, but it only pays out once, usually on the first death. The cost depends on how much cover you need and the type of policy - such as level term life insurance or mortgage life insurance. If you add a critical illness policy for extra protection, this may increase the price.
Does a joint policy cover both of us dying at the same time?
The way joint life insurance works, it typically pays out after one partner's death and then closes. If both partners die together (e.g., in an accident), a joint policy would still only pay once. If you're looking for financial support that fully covers you both - especially for family planning or inheritance tax reasons - two individual policies may be a better choice, with two separate payouts.
What if we have different incomes or health profiles?
When you apply, insurers will look at each person's age, health, lifestyle, and family medical history. If one of you has a pre-existing health condition, it might increase the joint premium - or you could opt for separate policies to keep your options open. You can also tailor the amount of cover to suit your incomes and financial roles.
What if we have different incomes or health profiles?
When you apply, insurers will look at each person's age, health, lifestyle, and family medical history. If one of you has a pre-existing health condition, it might increase the joint premium - or you could opt for separate policies to keep your options open. You can also tailor the amount of cover to suit your incomes and financial roles.
What if we have different incomes or health profiles?
When you apply, insurers will look at each person's age, health, lifestyle, and family medical history. If one of you has a pre-existing health condition, it might increase the joint premium - or you could opt for separate policies to keep your options open. You can also tailor the amount of cover to suit your incomes and financial roles.
What if we have different incomes or health profiles?
When you apply, insurers will look at each person's age, health, lifestyle, and family medical history. If one of you has a pre-existing health condition, it might increase the joint premium - or you could opt for separate policies to keep your options open. You can also tailor the amount of cover to suit your incomes and financial roles.
What happens to a joint policy if we break up?
Most joint life policies can't be split. If your relationship breaks down, your option is usually to cancel the policy and each take out new individual cover. This can be more expensive if you're older or your health has changed. Some insurance providers now offer "separation options" that let you convert a joint policy into two single ones, so it's worth checking the small print.
What happens to a joint policy if we break up?
Most joint life policies can't be split. If your relationship breaks down, your option is usually to cancel the policy and each take out new individual cover. This can be more expensive if you're older or your health has changed. Some insurance providers now offer "separation options" that let you convert a joint policy into two single ones, so it's worth checking the small print.
What happens to a joint policy if we break up?
Most joint life policies can't be split. If your relationship breaks down, your option is usually to cancel the policy and each take out new individual cover. This can be more expensive if you're older or your health has changed. Some insurance providers now offer "separation options" that let you convert a joint policy into two single ones, so it's worth checking the small print.
What happens to a joint policy if we break up?
Most joint life policies can't be split. If your relationship breaks down, your option is usually to cancel the policy and each take out new individual cover. This can be more expensive if you're older or your health has changed. Some insurance providers now offer "separation options" that let you convert a joint policy into two single ones, so it's worth checking the small print.
Should both of us get the same amount of cover?
Not necessarily. Your cover should reflect your individual financial roles. If one partner earns more, has more debt, or other dependents (like children from a previous relationship), they might need more cover. For joint policies, you'll usually choose a single payout - so it's best to agree on a sum that covers major shared costs like mortgage payments, childcare, or living expenses for when one partner dies.
Should both of us get the same amount of cover?
Not necessarily. Your cover should reflect your individual financial roles. If one partner earns more, has more debt, or other dependents (like children from a previous relationship), they might need more cover. For joint policies, you'll usually choose a single payout - so it's best to agree on a sum that covers major shared costs like mortgage payments, childcare, or living expenses for when one partner dies.
Should both of us get the same amount of cover?
Not necessarily. Your cover should reflect your individual financial roles. If one partner earns more, has more debt, or other dependents (like children from a previous relationship), they might need more cover. For joint policies, you'll usually choose a single payout - so it's best to agree on a sum that covers major shared costs like mortgage payments, childcare, or living expenses for when one partner dies.
Should both of us get the same amount of cover?
Not necessarily. Your cover should reflect your individual financial roles. If one partner earns more, has more debt, or other dependents (like children from a previous relationship), they might need more cover. For joint policies, you'll usually choose a single payout - so it's best to agree on a sum that covers major shared costs like mortgage payments, childcare, or living expenses for when one partner dies.
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