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.

Do You Need Life Insurance for Both Partners in a Joint Mortgage?

My partner and I have a joint mortgage together and I am currently looking into Mortgage Insurance. Do we need Joint Life Insurance that covers us in case of the death of one partner?

Question asked by Stan Karlson

Firstly, it is not usually compulsory to take out Life Insurance to protect a mortgage but in many cases it is wise to consider this type of cover in any case, especially for joint mortgages or if you have a family to protect.

What is Joint Life Insurance?

Joint Mortgage Life Insurance is a type of Life Assurance designed specifically to repay a mortgage loan should one partner pass away. The policy would pay out once upon the death of the first partner and then terminate.

Taking out this type of plan means that if either partner were to die the mortgage loan could be repaid and the remaining partner (and family) would therefore not be left with the potential problem of having to meet unmanageable loan repayments on their own.

Do Both Individuals on the Mortgage Need to Have Life Insurance?

A common question is whether both partners need to have life cover for a joint mortgage, and the answer is no.

In some cases it might make more sense only to take out Life Assurance for one partner rather than a joint plan. One example of this might be if only one partner works and pays the loan.

It is also worth noting that the additional monthly premium for taking out two separate plans, one for each partner rather than a Joint Term Life Insurance often only costs around 10-15% more and you end up with twice as much cover.

For more information please read this guide: Does joint mortgage life insurance make sense?

Should I Include Critical Illness Cover?

Finally, you may also like to consider adding Critical Illness Cover to your joint life assurance plan so the policy could also pay out if either partner were to suffer a serious illness or injury such as cancer, heart attack or stroke.

Plans usually cover around 40 medical conditions although there are policies which cover fewer than five illnesses and those which cover in excess of 100, so it pays to read policy terms and conditions carefully.

Need Help?

We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

  • There is no fee for our service
  • We are independent and impartial
    Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
  • We’ve got bargaining power on our side
    This allows us to negotiate better premiums for you than you going direct yourself.
  • Benefit from our 5-star service
    We pride ourselves on providing a 5-star service, as can be seen from our 2335 and growing independent client reviews rating us at 4.92 / 5.

Good interaction between client and advisor. Drew knew his brief; articulated and explained the issues clearly and answered questions fully. This all helped me clarify what I wanted and so we agreed on our action swiftly. I am a very satisfied client. Thank you.

Ronald Lofkin
25/07/2019
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
Millennium Bridge House
2 Lambeth Hill
London
EC4V 4GG
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.