If you're planning for a long, healthy and fun-filled future together it might seem strange to start thinking about life insurance at a young age.

However, having a plan in place now could save your family from facing financial woes further down the line should the worst happen.

First off, it's important to understand the differences between single-person life insurance and joint life cover policies.

Joint cover or single cover?

When thinking about life insurance for young couples, it's worth asking yourself whether single-person policies might make more sense in the long-term.

With two individual policies if one person passes away then the other receives support and still has their own cover in place too.

A good joint life insurance policy however could be cheaper and provide cover for both you and your partner under one insurance policy.

What makes the decision trickier is that a couple's life insurance policy can be used to provide either first death or second death cover.

First death, as the name suggests, will pay out if either person passes on, leaving behind a partner, potentially with a family to support.

Potential drawbacks of this kind of policy are that they are generally more expensive - as the risk is greater - and only pay out once, possibly leaving the surviving partner in difficulty in the future.

Conversely, second death policies tend to be cheaper but only provide support when the second partner has also passed away, usually to the couple's children.

Types of life insurance for couples

After deciding whether a joint policy is right for your circumstances you need to settle on the specific type of cover you need as a couple.

Broadly speaking there are two main types offered by joint life insurance companies - namely term (level or decreasing) life or whole life assurance cover.

A joint term life insurance policy is one that can be used to offer coverage for a fixed amount of time. This might be used to provide coverage related to a financial product, such as a loan.

As the amount to repay drops over time, the amount of benefit the assurance policy offers also goes down - this is what's called a decreasing term life insurance policy.

The other type, level term, again stays in place for a certain amount of time, but the benefit amount does not drop. This could be used to support your children until they reach adulthood if you were to pass away.

Benefits offered by decreasing and level term life assurance are that they are generally cheaper than whole life coverage and only last for a set amount of time, by which time you may not require joint life insurance with a partner.

Joint whole life insurance, on the other hand, is intended to run continuously and pay out a lump sum upon death of the insured, rather than tie into a financial product.

While this may provide more support for your loved ones - especially if they are financially dependent on you - it could cost more and will stay constant, rather than decreasing in value.

How to decide and compare joint life insurance quotes

Making a joint life insurance price comparison can be tough, as it can be a sensitive topic to discuss and requires you to decide what's best for your joint future.

Regarding life insurance for married couples, it may be worthwhile considering a first or second death cover policy from an insurer, especially if you have children. This way support for your family will always be assured.

Joint life insurance for over 50's may be more expensive as there is greater risk for providers, but if you are still paying off a mortgage or loan financially reliant on one partner or have children or other dependents it could certainly be worth looking at.

To compare the different types of cheap joint life insurance policy available in the UK you can use our joint life comparison.

About our joint life insurers comparison


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