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Joint Life Insurance

Protect the financial futures of you and your partner when you trust The Insurance Surgery to seek out the perfect joint life insurance policy for you.

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What Is Joint Life Insurance?

Joint life insurance covers both you and your partner under one policy. This can include your spouse, your partner or even your business partner. Your insurer will pay out one equal lump sum when one of you passes away, providing the surviving policyholder with financial security if something were to happen. When this policy ends, however, the person left will have to apply for a brand new policy, which will likely be more expensive. Despite generally being more affordable, we tend to avoid joint policies for this reason.

There are a number of reasons why people consider this type of life insurance, including:

Covering lost income

It can be cheaper than two policies

Paying off outstanding debts

Paying off the mortgage

Leaving behind a lump sum

Having equal payouts

How Does Joint Life Insurance Work?

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We’ll search the market
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We recommend the best product to suit your needs
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Tell us when you want it to start!

Joint life insurance is often viewed as a simpler and more convenient means of getting coverage – saving two people the hassle of arranging individual life insurance for themselves. But how exactly does a joint life insurance policy work? Well, unlike single life insurance, joint life insurance allows two people to agree on a joint cover, which tends to pay out just one equal lump sum when the first person dies.

You should be mindful that most joint life insurance policies operate on a first-death basis, with only a single payout. This means that the remaining person in the partnership may then be left without cover.

Before agreeing on a policy, you should first be aware of the different kinds of term life insurance that are available to you.

Level Term Life Insurance

Level term life insurance allows you to settle with insurers on a fixed payout, as well as fixed premiums, across the duration of your term. This gives you a solid idea of what your beneficiaries can expect to receive if you die within the duration of your term.

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Decreasing Term Life Insurance

Decreasing term life insurance is perfect for couples looking to pay off their mortgage. Gradually reducing over time, your payout is designed to decrease in line with your mortgage payments. This ensures your partner and beneficiaries can continue to live in the family home without unnecessary financial stress.

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In order to find the policy that best suits your partner and your needs, our team of experts may require a better understanding of:

Your relation to one another

Your ages

Your medical histories

Your smoker status

The amount of coverage you require

You should consider life insurance if you have…

Dependants, like school-age children.

A partner who relies on your income.

A family living in a mortgaged or rented home.

In the event of your passing, a life insurance policy can provide financial support for your loved ones. You could also consider funeral cover, which pays for funeral expenses – easing the burden on your family during a difficult time.

However, you should check if you’re already covered through your employer’s benefits package, which often includes ‘death in service benefits’ linked to your salary. If so, you might not require an additional policy, BUT keep in mind that leaving your job or being made redundant could leave you without any cover!

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  • 15 Minute Read Time

Do You Need Life Insurance?

If you’re the primary breadwinner or share financial responsibilities, a life insurance policy can help your family maintain their standard of living in the unfortunate event that you’re no longer around to support them.

Read More

Life Cover Terminology

Understanding life insurance terminology is essential for policyholders to make informed decisions about their cover, we have broken down the meaning for some of the most used terms.
Read More

Why Choose The Insurance Surgery?

Rated ‘Excellent’ on Trustpilot.

We take pride in the experience that we offer, guaranteeing excellent service at all times.

25 years Experience.

With 25 years of specialist life and protection experience, we can find the perfect policy for you.

Access to a range of insurers.

With a broad selection of partners, we are well-equipped to find the best insurance deals for you.

Award-winning broker.

Known for making insurance simple, The Insurance Surgery is a trusted, award-winning broker.

How Much Does Joint Life Cover Cost?

The price of joint life insurance can differ on a case-to-case basis. Whilst it is popular for often being cheaper and more convenient than single life insurance, the price you pay can depend on a whole selection of factors, including those listed previously. 

Here at The Insurance Surgery, we can give you a better idea of exactly how much you can expect to pay for joint life insurance. Get in touch with one of our dedicated experts and tell them all about your circumstances and requirements. From there, we can find you the policies and quotes that best suit your insurance needs.

For a clearer idea of the average cost of life insurance, visit our Guide.

How Much Joint Life Insurance Do You Need?

Similar to costs, how much life insurance one needs can differ hugely from person to person. Whilst we don’t expect you to have a specific amount in mind, it’s good to have an idea of how large you would need your payout to be. But don’t worry too much – we can help you out with that.

Our team may ask a range of questions, such as:

Do you have children to look after?

Do you own a home together?

Do you have mortgage repayments to make?

How much do each of you earn?

Would you prefer level or decreasing term life insurance?

Don’t worry. We can answer any questions you may have regarding your chosen type of life insurance! Once we’ve got these queries cleared up, we should be able to advise on just how much joint life cover you’ll need to best protect the financial interests of your family or business. 

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Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm
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Call us on 0800 083 2829

Facts About Life Insurance.

Life insurance can serve multiple purposes, including income replacement, wealth transfer, estate planning, and business succession. But how does life insurance shape up with the UK population?

7.5 million families

in the UK have no life insurance or critical illness cover.

£40,000

The average life insurance policy in the UK covers only about £40,000.

28%

of UK adults believe life insurance is too expensive.

30%

of people get life insurance due to becoming a parents

Forbes Advisor, 2025

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Frequently Asked Questions

Is joint life insurance cheaper than single?

In many cases, yes. Paying for one joint term can, of course, be cheaper than paying for two separate insurance policies. However, this can depend on your specific circumstances. If one person in the partnership is significantly older or has more of a serious medical history, this can affect the cost of your monthly premiums. 

If you and your partner divorce during the term of your joint life insurance policy, a number of things could happen. Certain insurance providers may allow you to split your policy into two single life insurance policies, whilst others may require one of you to take over the policy. Depending on your insurer, you may even be asked to cancel the policy entirely.

Yes, absolutely. People in relationships who aren’t married are also eligible for joint life insurance. Many business partners even opt to take out joint life insurance policies together in order to protect the financial security of their company.

Yes, you can cancel a joint life insurance policy – but remember that other options may have increased in price since taking out your initial policy. If you require advice or guidance on cancelling your policy, get in touch with The Insurance Surgery. We can find alternative quotes and contact your insurer regarding your cancellation.

Most life insurance payouts are not taxed in the UK. You may, however, have to consider inheritance tax following the passing of a loved one.

Knowing which insurance quote to settle on can be tricky, especially when two of you are involved. If you feel that you’d benefit from some expert advice on whether joint life insurance is the right match for you and your partner, get in touch with The Insurance Surgery.

With 25 years of experience, we’re confident when it comes to guiding people to the perfect quote for their circumstances. So rely on The Insurance Surgery to answer any queries you may have about joint and single life insurance today! 

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Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm
Get a Quote
Call us on 0800 083 2829

Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm
Get a Quote
Call us on 0800 083 2829
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Copyright © 2025 The Insurance Surgery Ltd. The Insurance Surgery is authorised and regulated by The Financial Conduct Authority. We are entered on the Financial Services Register No 401425 at https://www.fca.org.uk Registered in England and Wales. No 5137288. Registered and trading from 2nd Floor, Pickford Street Mill, Pickford Street, Macclesfield, SK11 6JD The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

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