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Joint Life insurance

Built for two, in case life doesn’t go the way we plan

Get a life insurance quoteExisting customers

JOINT LIFE INSURANCE EXPLAINED

What is joint life insurance?

Unlike single life insurance, joint life insurance provides cover for both partners, at the same level, and for the same period of time. If one of you passes away before your policy ends, the other receives the death benefit and your insurance pays out, ending your cover. This payout is designed to keep your family and loved ones afloat if the worst should happen.

With financial worries, and the general concern we have for our families, it’s important to ensure their security. Life insurance is one of many ways to help.

You can choose joint life insurance cover to protect your family’s financial security, help pay off the mortgage or set funds aside for your children as they grow older. No matter your circumstances, there’s a life insurance policy out there for you.

Joint life insurance from LV=

What can you expect?

Critical illness cover can be added on, protecting you and any children you have.
Friendly and supportive provider; we completely remove any insurance jargon or judgement.
Access to our LV= Doctor Services and Legal Advice Line completely free of charge, plus many other member benefits.
Claims paid in full and on time, subject to terms and conditions. In 2024 we paid out for 97% of claims.
Get a quote in under five minutes.

More about life insurance, including joint life policies

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Learn more about what life insurance can mean for you

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Is joint life insurance necessary for couples?

Not at all but depending on your circumstances it can be a good way to ensure peace of mind. Joint life insurance can help offer financial security for you and your loved ones. You may decide to get life insurance when milestones happen in your life, such as marriage or when you have children.

How does joint life insurance work?

Joint cover life insurance works the same way as a single cover, except two people are covered under the policy. If the first person passes away within the policy term, the second named person will receive the death benefit. Once a joint life insurance policy has been paid out, the second person is no longer covered.

Compared to two single cover life insurance policies, joint cover could also be cheaper. As you’re only paying one set of premiums, normally split between you and your partner, it can work out as less expensive than paying two separate premiums.

Our life insurance keeps your loved ones protected

We all want reassurance that our families and loved ones will be okay when we pass away, that’s why many of us take out a life insurance policy in the first place. There’s nothing more important than protecting the ones we love.

At LV=, we understand that everyone’s circumstances and needs are different. That’s why we offer affordable joint life insurance policies. Get your quote in just a few minutes.

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Joint Life Insurance cover inclusions

Cover two people, including you and one other person.
Provide a death benefit that is paid out to the second person on the policy if the first person passes away during the policy term.
Give you full flexibility to choose the type of cover you need, including level or decreasing insurance, joint or single policies and add-ons such as critical illness cover for you and your children.
Guarantee that your premiums will never change, meaning you pay the same amount from start to finish. Premiums may only change if you amend your policy or change your type of cover.
Cover you if you’re diagnosed with a terminal illness (and have less than 12 months to live) and will allow you to add on critical illness cover for both of you. Children’s critical illness cover can also be added on at an additional cost at the start of the policy or once the policy has started.
Give you the option to add Children’s critical illness cover at an additional cost at the start of the policy or once the policy has started (provided your policy has at least five years to run at the time).
Let you choose a specified term. This can last from five to 50 years but must end before your 90th birthday. If one of you passes away during your term, your policy will pay out, and it will then end.
Give you access to a Legal Advice Line and our LV= Doctor Services, which includes a Remote 24/7 GP service, as well as many other perks for our members.

Cover you if you fail to pay your premiums on or within time. If you don’t, your policy could be cancelled, meaning you won’t be covered and be able to claim. This type of insurance is designed for Protection purposes only and has no cash in value at any time.
Pay out if the first person in your policy passes away after your life insurance term has ended, meaning the second person won’t receive their death benefit.
Pay out twice. Once the first person passes away, the second person on the policy will no longer be covered, meaning they may need a new policy altogether.
Cover you if you falsify any information or deliberately mislead us with inaccurate details, when you apply, or when you make a claim. If you do, your claim will be void and you may not be able to take out another product or policy with us.
Pay out the full amount of cover if you or your partner take your own life within the first year of the policy. Instead we will just refund the premiums you’ve paid.
Cover you if you are involved in, commit, or are found guilty of a financial crime.
Pay out for a terminal illness claim if your life expectancy is more than 12 months after diagnosis.

Why chose LV= for joint life insurance?

Our life insurance has helped protect thousands of our customers over the years. In 2024, we paid out over £80 million and supported over 5,263 families. From guaranteeing peace of mind to supporting family and friends when their loved ones pass away, our life insurance policies are designed to make a difference.

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Pay outs are typically made within three days of our decision.
97% of life insurance claims were paid in 2024.
Almost 5,263 families and loved ones supported in 2024.
Over £80 million was paid out in life insurance claims.
Terminal illness cover included at no extra cost.
Critical illness cover can be added on for you and your children.
In 2024 more than £33 million was paid in critical illness claims, meaning 475 individuals and families were looked after by us after receiving a life-changing diagnosis’.
Free access to our LV= Doctor Services.
Access to a free Legal Advice Line.
Many more perks for our members.

It only takes a few minutes to get your joint life insurance quote

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YOUR COVER OPTIONS

The different types of joint life insurance we offer at LV=

Our choice of level or decreasing cover life insurance policies gives you the flexibility you need. Whether you want your policy to protect your loved ones or cover the burden of a mortgage when you pass away, you have the option to do so. It’s also possible to customise your policy by adding critical illness cover for just yourselves, or for yourselves and your children, ensuring both you and any children are protected if you’re diagnosed with a life-altering condition.

Level cover life insurance for joint policies

Reasons for choosing ‘level cover’

If you want a fixed death benefit amount for your loved ones when you pass away.
If you have no or minimal debts that need to be repaid.
If you rent or have loans or a mortgage.
If you want the security of paying fixed premiums consistently for the rest of your term.
If you want to leave your family and loved ones with a death benefit that gives them some financial security when you’re gone.

Reasons for not choosing ‘level cover’

If you have a capital and interest repayment mortgage, it might be a better solution to take out a decreasing cover policy.
If you’re currently unable to afford the price of your premiums, or know you’ll have trouble paying it in the future.
If you want a policy that covers whole of life or increases in line with inflation.
If you’re under the age of 17 or over the age of 84.

Decreasing cover life insurance for joint policies?

Reasons for choosing ‘decreasing cover’

If you currently have or are looking to take out a capital and interest repayment mortgage.
If you want to cover most or all your capital and interest repayment mortgage when you pass away, freeing your family of the burden.
If you want to leave a little bit extra to help pay towards other family expenses, your children’s future or funeral costs.
If you want the security of fixed monthly premiums that stay the same unless you amend your policy.

Reasons for not choosing ‘decreasing cover’

If you rent or have already paid off your mortgage.
If you’re planning to over or under-pay your mortgage at any point or are only paying the interest off.
If you’re unable to afford the price of your premiums or recognise you might have an issue in the future.
If you’re under the age of 17 or over the age of 84.

JOINT OR SINGLE LIFE INSURANCE COVER FOR COUPLES

Single life cover vs joint life cover: what’s the difference?

Some couples choose to cover themselves under one policy, whereas others see it more beneficial to take out two policies. In the long run, a joint life insurance policy may work out cheaper, but two single life insurance policies might be more suitable for your lifestyle. If you’re not sure which to pick, it’s best to speak to a financial adviser who can assist you with understanding the right choice for you.

Joint life insurance could be a good option for you if you want your partner or chosen beneficiary to be looked after when you pass away. Many people take out these policies for peace of mind that their families are supported once they’re gone.

What it offers:

Cover for two people; these can be couples, friends, or family members, with the choice to add on critical illness cover.
Support for households where at least one income is relied on, such as professional couples or families.
Financial assistance for other family members, friends or loved ones considered on the joint policy.
Total death benefit pays out if the first person passes away during the policy term.
After the death benefit has been paid, the second person is no longer covered.

Just because you’re in a joint partnership, it doesn’t mean joint cover will be right for you. There are circumstances where a single life insurance policy might be the best option, such as if you want different people to receive your death benefit when you pass away.

What it offers:

Cover for one person, with the choice to add on critical illness cover.
Total death benefit paid out to chosen beneficiaries, which can include a spouse, partner, family members and friends.
Financial support for your loved ones if you pass away during the term of your policy.
If you have two single life policies between you, it will continue to cover the second person after the first person’s policy has been paid out.

ADDITIONALS ADD-ONS

Critical illness cover for you and your children

None of us ever want to imagine our family members getting ill, but sadly it does happen. To help offer you extra protection for your family, we offer critical illness cover for both you and your children.

Our children’s critical illness cover is an option to add on to your life with critical illness policy at an additional cost.

As parents, you can add children’s critical illness at the start of your policy or at a later date, as long as there are at least five years left, which could increase your premiums.

If you choose to remove the children’s cover, you won’t be able to add it back to the same policy.

It’s important that if you add children’s cover you contact us to remove it once your youngest child is 23 years of age. This is because they’ll no longer be covered after age 23, and you’d then be paying for cover that couldn’t be claimed on.

With critical illness cover, you’re protected against a range of life-altering conditions, which can differ between providers.

YOUR TOTAL COVER

How much cover is right for you?

It's important to think about the level of financial security you offer your family, your expenses and everyday costs. The following can help with deciding on your total cover amount.

Consider your mortgage, any repayments, and additional loans you might have

Property is likely to be the biggest and most expensive investment we make in our lives. Unfortunately, it can become a burden for our families and loved ones to pay for, especially once we’ve passed away.

Aside from a mortgage, you might take out a loan to help cover certain costs, such as a house renovation or purchasing a car. If you pass away with these loans outstanding, they could fall to your loved ones to pay off.

You’ll want to consider how much mortgage and any debts you have remaining before you take out your policy. After all, your beneficiaries may have to dip into their pockets to pay off your debts when you pass away.

Evaluate your household expenses, including childcare costs

Your life insurance policy doesn’t just have to cover your mortgage, it can also consider the everyday household expenses your family pays, including childcare. It’s worth calculating your utilities bills on a yearly basis, to see how much extra your family would need.

Many people choose to take out a life insurance policy as they start to raise a family. It ensures comfort and security in case they pass away. As a result, you might want to consider childcare costs as part of your total amount.

Childcare costs could include school uniform, personal care, extra-curricular activities, holidays and more.

Look at the total amount you have in savings and consider funeral expenses

When you pass away, your beneficiaries might have to pay inheritance tax. Anything you set aside as gifts could also be taxed if they exceed annual allowances set out by the government.

It's possible to use your life insurance policy to help offset any inheritance tax from your estate, but you’ll need to ensure this is covered under your total amount. Doing this could also significantly raise your premiums, especially if your estate is worth more than the £325,000 tax-free threshold.

As you get older, you might consider how much a funeral will cost and start putting some money away to help your family pay it. However, it probably hasn’t dawned on you to do this if you’re much younger.

Funerals can cost upwards of £1,500, and these are often basic without a service. In some cases, they can exceed £10,000. It’s certainly something to consider including in your death benefit.

What’s the purpose of your life insurance policy?

Lastly, you’ll want to think about the purpose of your life insurance policy. What exactly do you want it to cover and how do you want it to help your loved ones?

Once you’ve answered this, completed your calculations and arranged a quote, you’ll be able to understand how much your loved ones need to stay afloat.

Important information

Here’s all the things you need to know about life insurance before you get started

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Available to UK residents aged 17 to 84
Choose the length of your policy term, from between five and 50 years, but the policy must end before your 90th birthday
If you pass away during your policy term, we'll normally pay the lump sum to your estate. Once you have made your claim, and we’ve made our decision, we’ll aim to pay out your claim within three days. Inheritance tax could apply to the part that's worth over £325,000 (tax years 2023/24 to 2027/28)
If you intentionally take your own life within the first 12 months of your policy, we won’t pay out your claim. Instead, we’ll refund the premiums you’ve paid.
If you stop paying your premiums, you won't get any money back and your cover may stop.
It’s possible we’ll request a medical report as part of your life insurance application. We may need to contact your doctor for a medical report to understand your policy further.

You don’t have to give your consent to us obtaining a medical report if we need to, but you won’t be able to complete the online application without agreeing to this. You will need to ensure that you answer all our questions honestly and accurately so we have a full picture. Deliberately falsifying or misleading us could void your life insurance policy and stop any claims being paid.

Increase options are available after marriage/civil partnership, divorce, the birth of a child or mortgage increase. Sometimes we won't be able to offer you increase options, subject to guidelines within your policy conditions.

Make sure you read the policy summary so you understand what you're buying...

The information on this page shouldn't be taken as advice, It's up to you to decide if it's right for you and you should speak to a financial adviser if you're not sure.

Joint life insurance FAQs

You've got questions, we've got answers

Do you have to be married to start a joint life insurance policy?

Are you both covered under a joint life insurance policy?

How does LV= pay out a claim on joint life insurance?

What happens if one of you passes away?

If you get divorced, what happens to the policy?

Is joint life insurance cheaper than single life insurance?