Can my partner and I get life insurance together?

It is a question that many people might avoid, but can my partner and I get life insurance together?

Nobody likes to discuss the most sensitive of all issues.

However, approaching this as a team can make economic sense.

Additionally, research suggests almost half (43 per cent) of partners have made no plans to ensure their other half receives a payout if they die, reports the FT.

Joint life cover can often be cheaper for couples compared to taking out two standalone policies, but each choice has implications.

Life insurance together

So the short answer is yes, you and your partner can typically get life insurance together.

There are different types of life insurance policies, and the most common options for couples are joint life insurance policies and individual life insurance policies.

Joint Life Insurance Policy: With a joint life insurance policy, both you and your partner are covered under the same policy. The policy pays out a death benefit upon the first death, and the coverage ends at that point. It can be more affordable than two separate individual policies, but keep in mind that once the policy pays out, the surviving partner will no longer have coverage.

Individual Life Insurance Policies: Alternatively, you and your partner can each get separate individual life insurance policies. These policies provide coverage for each person individually. If one partner passes away, the other policy remains unaffected and continues to provide coverage.  This could also be a wise choice if you have dependent children, for if something were to happen to both of you, both policies would pay out, meaning your dependents would have more to help them through life.

Financial situation

When considering life insurance options, it’s essential to assess your specific needs and financial situation. Factors like your age, health, income, dependents, and long-term financial goals can all play a role in determining the right type and amount of life insurance coverage for you and your partner.

Related: Should I take my mortgage over a longer term?

If you want expert advice then please Get in touch and we’ll talk you through your options.