Joint Life Insurance: What You Need To Know

When you get to certain stages in your life you might start to think about new priorities. No matter what stage you’re at, joint life insurance can be a great way to protect the people you care about. Like with any kind of life insurance there are important things to consider.

In this article we will cover:

  • What makes Joint Life Insurance different?
  • How does it actually work?
  • What you can protect
  • Some of the  Advantages and Disadvantages of Joint Life Insurance
  • Joint Vs. Single Life Insurance
  • How much does it cost?

So, here are some of the benefits of choosing joint life insurance. It can be beneficial depending on your situation but there are definitely a few things to keep in mind. 

What is Joint Life Insurance?

Joint life insurance is a type of cover that offers cover for two people, rather than one.  Usually, the two people to be insured are partners. Both of these people will pay towards a monthly premium.  In the event of one of you passing away, the survivor usually receives a lump sum payment. This means that if the tragedy was to strike you can get peace of mind knowing that your partner is looked after. 

Oftentimes if you select a joint life insurance policy, it can work out cheaper than two separate policies. There are important aspects to consider when it comes to both single and joint policies. 

How does Joint Life Insurance work? 

It works in a similar way to a single policy life insurance. With Choozi, you and your partner will select a lump sum amount that will be paid out in the event of one of you passing away. When applying, your partner will have to supply the same details as you. This means that there are two separate policies in place. There will be a payout on both insurance policies in the event of your death or your partners.

When looking at a joint policy it’s important to make the right decision based on what you think is best for both you and your partner. These are the decisions you would need to make when thinking about getting life insurance. 

Another type of insurance worth mentioning is ‘dual cover’. Essentially this is life insurance where there is a payment upon death of each life covered in the joint policy. So rather than there being one payout, there are two. 

What can Joint Life Insurance Protect?

The whole idea of getting a life insurance policy is about helping to secure financial support for your family if you passed away. There are a variety of ways in which this payment can help your family though. A key part of getting life insurance is choosing the right benefit amount. Here are some of the things that a joint life insurance benefit can pay for:

  • Mortgage payments
  • Current and future education
  • Outstanding debts
  • Daily household expenses and bills

Understanding what you want to pay for is a great way of knowing how much you need. This can be the difference between getting the right life insurance policy and choosing something that could fall short. 

Some of the Advantages of Joint Life Insurance

When it comes to benefits, it depends on your own individual circumstances. It can be the case that it could be cheaper than having two individual policies; it does depend on other factors. 

Cheaper Premiums

One of the most obvious advantages is that it can sometimes be cheaper than getting two single policies. This can save some money for a young family just starting out. Therefore sometimes with joint life insurance, you can get protection without compromising on the benefit amount. 

A Payout is Due Regardless of Circumstances

No matter who is the primary breadwinner the money will be paid out regardless. This can help protect both people no matter what their job circumstances might be. If one or both of you were to pass away there are things that need to be paid for. Things like funerals and potentially hospital bills can be quite expensive for the family as a whole. 

Some of the Disadvantages of Joint Life Insurance

While there are some definite advantages to going with joint insurance, there are a few potential downsides that you should keep in mind. 

Changes in Circumstances

A change in circumstances can also have a huge impact on life insurance. If one of the partners were to lose their job it can affect the couple’s ability to pay life insurance premiums. In many cases, if you were to miss consecutive premium payments the life cover could potentially be cancelled. If this was to happen there could be no money received at all. 

Single or Joint Life Insurance?

Now that you have a better understanding of the advantages and disadvantages, you might still be wondering which is the better choice. Again it needs to be said that everyone’s situation is different. 

One issue that could arise takes place during the application process. With many life insurance policies, there are health and lifestyle questions. These can present challenges for couples. While one person could be in perfect health the other person might be a smoker or have long term illness problems. It could also be down to the person’s profession. These factors can drive up the price of a joint life insurance policy. That’s not the only concern though.

How much does Joint Life Insurance cost? 

When it comes to joint life insurance you should consider much of the same things as with single life insurance. You have to take into consideration how much the other partner might need if they passed away. This is especially important if you have children. Providing for simple things like bills and even groceries have to be taken into account.

As we mentioned before health and lifestyle can impact the costs. Things like health problems, a job or even smoking can all influence the cost of life insurance. When it comes to joint life insurance these are considered at the point of application. While you might be in perfect health and have a safe job, your partner will have an impact on the costs.  

Joint Life Insurance with Choozi

If you decide to go with Choozi you can be sure that you are getting a price and a policy that works for you and your partner. We compare the UK’s leading life insurance providers and have no special preference for any of them. We will find you the best possible life cover for you and your circumstances. We want to make it easy for you to find these policies because we believe it pays to be Choozi. 


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