Joint Life Insurance: Types

As you look for insurance that suits your needs, you’ll come across different kinds, like joint life insurance. Guardian may not provide every type of joint coverage, but it’s crucial to learn about all your options so you can make the best choice.

Joint Life Insurance

A couple, whether married or in a type of relationship, can choose to get joint life insurance instead of buying separate policies for each person.

What Is Joint Life Insurance

A joint life insurance policy is for two people, usually a married couple. It’s useful if one person can’t get their insurance or for planning what happens when someone dies. If one of you passes away, the policy gives money to the other person. These policies usually last for your whole life, but some only last for a certain time.

Types of Joint Life Insurance

Some insurance companies have plans where two people are covered together for a set time. But usually, this kind of insurance lasts for life and can also grow in value. There are two main types: one pays out when the first person dies, and the other pays out when the second person passes away.

First-to-die joint life insurance

First-to-die joint life insurance is a type of policy that gives money to the person who’s still alive when their partner dies.

If you have this insurance and your partner passes away, you might have trouble getting another policy if you need one later. This could happen if you’re much older or not as healthy as when you got the joint policy.

Second-to-die joint life insurance

Second-to-die joint life insurance, also called survivorship life insurance, pays out money only after both people it covers have passed away. If you have this type of insurance and your spouse or partner dies, you won’t get any money from it. You’ll probably still have to keep paying the insurance bills to keep the policy active.

When you die, the money from the insurance goes to whoever you named as the beneficiary. Some rich couples pick this type of policy to make sure there’s enough money to pay for things like taxes when they die. They might also want to leave money to a child with special needs or donate to a charity when they’re gone.

Why You Need Joint Life Insurance

If both people in a relationship need the same amount of insurance, it might be cheaper to get one policy together instead of two separate ones. To find out the exact costs, you can use an insurance calculator online, get a quote, or talk to a financial advisor.

How Much Does Joint Life Insurance Cost

The cost of joint life insurance is influenced by the following:

  • Age.
  • Coverage amount.
  • Policy length.
  • Occupation.
  • Type of policy.
  • Medical history.
  • Lifestyle.

Insurers use these variables to determine rates based on statistical analyses of risk.

Pros and cons of Joint life insurance

These are the advantages and disadvantages:


  • Getting joint life insurance is often less expensive than purchasing two individual policies that offer similar benefits if you’re buying for two people.
  • A second-to-die policy might be helpful for an older person who isn’t very healthy to get insurance when they couldn’t get it alone.


  • If you get divorced and your insurance policy doesn’t let you divide it into two separate ones, figuring out how to divide it can be difficult.
  • There aren’t many choices for getting insurance that covers two people’s lives together.
  • Joint life insurance is a type of permanent life insurance that covers two people at once. Permanent life insurance usually costs a lot more than temporary insurance. If two people each get their own permanent policies, it might be pricier than joint life insurance. But if they get temporary policies separately, it could be cheaper.

Companies That Offer Joint life insurance

Here are some companies that offer this Insurance:

These options are only a few, but there are many other companies that offer Joint life coverage. It’s really important to carefully look into and compare different policies to find the one that fits your needs the best.

Frequently Asked Questions

Can only married couples buy joint life insurance?

No, domestic partners or business co-owners can also choose to get this insurance.

Is it better to have joint or separate life insurance?

Getting separate insurance plans lets you choose how much coverage you want individually. But if you go for a joint policy, both people covered get the same amount of protection. If there are two earners in your family, it’s a good idea to think about getting insurance for both of you.

What is the difference between joint life and dual life?

For Guaranteed Whole of Life Protection, Joint life cover insures two people, but the payout happens only when one person dies, chosen by you at the beginning. Dual life cover also insures two people, but the payout can happen when either person dies.

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