When to buy joint life term insurance

Some term life insurance policies provide you an option of getting either a single life cover or a joint life first death policy. Getting the latter can be a cheaper option if you want coverage that can protect surviving family members in case you or your spouse dies.

How does Joint Life Term Insurance work?

This kind of policy insures two people (spouses, business partners or any allowable relationship for a joint life policy) and provides a certain lump sum amount in the event that one of the insured persons dies.

Joint Life First Death. This covers both lives (i.e. spouses) and pays the sum insured for the life of whoever dies first.  Once the death benefit has been paid, the coverage of the policy will no longer be in force and no other payments will be made.

Joint Life Second Death. This covers both lives but pays upon the death of the surviving person insured. For example, if a couple is covered by a joint life second death policy, the policy pays out and terminates when both spouses die.

Why Joint Life Coverage?

It is good to prepare for life’s unexpected twists and turns by getting insurance. You don’t really know which spouse or partner will pass away first. You can opt to get separate coverage for both spouses – but this will be a more expensive option.

What if the couple separates?

The couple can exercise the Separation option, where the existing joint life policy is replaced with two new individual term policies, without the need for showing additional medical evidence. The Separation Option is used when a couple divorces or dissolves a civil union and the mortgage is named after one spouse or if one spouse takes out a new mortgage.

How this works:

  • The separation option must be exercised no less than three months after the new mortgage is arranged.
  • The amount of insurance for the new plans will not be higher than the amount of insurance for the existing plan, especially if the plan has a decreasing sum insured.
  • You may need to show evidence of the new mortgage.

Learn more about Mortgage Life Insurance

A joint life term insurance policy is a cheaper option because it ensures that you will receive a lump sum benefit in the event that either you or your spouse passes away.

Here are some instances where a joint life term insurance should be considered:

Some considerations:

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.
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