Can We Take Out Joint Life Insurance?

Having had our first child we are looking at our Life Insurance options. Are we able to take out a joint policy to cover both of us or do we each need our own?

Question asked by John Gardner

Single vs. Joint Life Insurance policies

Most insurers offer a Joint Life Insurance policy on a first death basis only. This means that it will pay out just once and expire when the first partner dies.

Although this can work for couples with no dependents, this may not be the best solution if you have or plan to have children because it will leave the remaining partner with no life cover.

While the surviving partner could then take out another policy later in life, your age and potentially state of health will significantly affect the cost of the premiums.

Drewberry recommends

We often recommend that parents take out two single policies. This is because the price difference per month is marginal and you will both be fully covered. Here is a price example for you. Based on Mike and Sarah, a couple who are both approaching 30 years of age, seeking cover £143,000 for 23 years:

  • Comprehensive Joint Life Insurance: £42.90 per month
  • Two separate life Insurance plans: £47.47 per month (Mike £28.22 Sarah £19.25)

That’s only £4.57 per month more for twice the cover that will pay out once on each death.

Family Income Benefit: Life Insurance for Parents

There is a lesser known Life Insurance product which is specifically designed for parents wanting to protect their family’s standard of living.

Rather than paying a lump sum should a death arise, Family Income Benefit pays a monthly income until an age at which you believe your children should be financially self-sufficient. This is often set to an age of 21 or 23.

Family income benefit is the most cost-effective way of maintaining your loved ones’ standard of living should the worst happen, offering lower like for like premiums than either decreasing or lever term life insurance.

Get in touch…

We can help you to find the best Life Insurance policy, just give us a quick call on 02084327333.

Very good service from Rauri – he has been very helpful and thorough.

Kathryn Wright
16/05/2021
Reviews.co.uk Logo
Compare Top 10 UK Insurers
Takes approx. 60 seconds
  • £

Or call us on 0208 432 7333

Compare Top UK Insurer Quotes Logos
Contact Us
Head Office & Pensions and Investments
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Personal Insurance & Accounts Payable
Telecom House
125-135 Preston Road
Brighton
BN1 6AF
Drewberry London Office MapDrewberry Brighton Office Map
Our Core Principles
  • 1You Come FirstWe are a client focused business who always aim to put you first.
  • 2We are ExpertsTo provide you with the best advice, we need to know our stuff!
  • 3We are HumanWe are real people with feelings who are here to help you.
  • 4We are ProfessionalProviding a 5-star service requires a professional approach to everything we do.
  • 5We are here to EducateWe don't believe in sales, we are here to educate so you can make informed decisions.
Finalist - Moneyfacts AwardsFinalist - Cover Excellence AwardsHighly Commended - Protection Review Awards
Proud member of AMII (Association of Medical Insurers & Intermediaries)Proud member of Money Advice ServiceProud member of UnbiasedProud member of BIBA (British Insurance Brokers' Association)

If you are unhappy with our service, we have a complaints procedure, details of which are available upon request. If you are unhappy with how your complaint has been dealt with, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). The FOS website is www.financial-ombudsman.org.uk.

Drewberry Ltd is registered in England and Wales. Companies House No. 06675912

Drewberry Ltd registered office: Telecom House, Preston Road, Brighton, England, BN1 6AF. Telephone 0208 432 7333

Drewberry Ltd (Financial Conduct Authority No. 505473) is an Appointed Representative of Quilter Wealth Limited and Quilter Mortgage Planning

Limited, which are authorised and regulated by the Financial Conduct Authority.

Drewberry™ uses cookies to offer you the best experience online. By continuing to use our website you agree to the use of cookies. If you would like to know more about cookies and how to manage them please view our privacycookie policy.