Can You Have Two Payouts With Joint Mortgage Life Insurance?

I am thinking of taking out Joint Mortgage Life Insurance with my husband. Does this plan payout twice or only once? If we took out this plan and one partner dies, what happens then?

Question asked by Karen Cooke

The purpose of joint Mortgage Life Insurance is to pay off the loan if either partner passes away.

This provides the surviving partner with the funds to pay back the mortgage, thus allowing them to stay in the family home without the worry of having to meet potentially unaffordable mortgage repayments.

It is important to note that with joint cover the plan would pay out once and then terminate. In other words, the plan would pay out on the death of (usually) the first partner and then the remaining partner would have no Life Insurance remaining if they still needed it for other liabilities.

It is possible to take out separate cover for each partner so that the remaining partner would still have their life cover in place if their partner were to pass away. This could be used for additional family protection, for example.

It usually costs around 10-15% extra to have two separate plans relative to one joint policy, but as a result of paying a few pounds extra a month you effectively double the payout you’ll receive.

I had a great experience with Drewberry, they have a lot of knowledge and expertise with life insurance and income protection and were able to advise me and arrange suitable products. Highly recommend.

Lachlan Mellings
12/08/2020 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
Personal Insurance & Accounts Payable
Telecom House
125-135 Preston Road
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

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.

Cookie Use

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.