In short
A joint life policy covers two people under one plan and, in its most common form, pays out once on the first death during the term.
A joint life policy insures two lives, typically partners, under a single policy. The most common type is joint life first death, which pays out once when the first of the two people dies during the term, after which the cover ends.
Joint cover can be slightly cheaper and simpler than two single policies, with one premium and one set of paperwork. The trade-off is that it pays only once, so the surviving partner is left without cover unless they take out a new policy.
Two single life policies can pay out twice if both people die during the term, and they stay independent if circumstances change, such as a separation. Which approach suits you depends on your needs, budget, and how you want the cover to behave over time.
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