Joint Life Insurance

A joint life insurance policy means exactly what it suggests – it insures two lives with a single policy.

So who can joint life policies?

  • Married couples
  • Civil partners who are registered
  • Partners that life together and have financial obligations that involve both.

When you take a joint policy, you decide on the term cover or the number of years you want the policy for and you pay a fixed premium amount. During that time, if either partner dies, the surviving partner will get the payout of the insurance amount. Most joint insurance policies are based on a 'first death' basis – which means, the insurance amount is paid to the one who survives after the first one dies. This works well when there are only two people who are dependent on each other and they want either one to be financially all right after one dies.

Some joint policies are tailored to include a 'second death' where both deaths are covered and an insurance payout is made even when the second one dies. However, many people prefer taking two single life insurance policies in this case.

Types of life insurance

  • Single life insurance

    Life insurance to cover the life of one person. But what else is there to know?

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  • Joint life insurance

    A joint life insurance policy to cover two people (cohabiting, in a relationship etc).

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  • Level term life insurance

    A life insurance policy that pays out the same throughout the policy term.

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  • Decreasing term life insurance

    This cover decreases throughout the life of the policy, usually in line with a mortgage.

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  • Critical illness cover

    You don't just have to get cover for your life - consider what would happen if you were to become seriously ill.

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  • Life insurance with critical illness cover

    A combined insurance policy that pays out upon death or if you become very ill.

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  • Mortgage protection cover

    Not to be confused with mortgage PPI, this life insurance would help to pay a mortgage off.

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  • Mortgage protection cover with critical illness cover

    Similar to mortgage protection life insurance but also pays out if you develop a critical illness.

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  • Family income benefit cover

    Instead of a lump sum this would pay a fixed monthly amount to your family if you pass away.

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  • Convertible term life insurance

    A flexible type of life insurance; you can switch it to a different life insurance variation later in the term.

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  • Guaranteed life insurance

    No medical required and this type of policy is available to anyone and everyone, regardless of circumstances.

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  • Reviewable life insurance

    Every few years this policy can be "reviewed" to see if the level of cover that you have chosen is still appropriate.

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Still need to learn more about Life Insurance?

You don't know how lucky you are. No, really. Why? Well, because we've put together the official ChooseMonkey Guide to Life Insurance just for you!

(Ok, so maybe a few other people are going to read it too. But remember, you're special)

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