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Your income levels
Taking out a joint life insurance policy could be cheaper than taking out two separate policies, but this could also be affected by your income levels. This is the part where you and your partner need to assess each other's income and the joint expenses that you have to take care of. If you are in a situation where one partner earns more than the other, it is advisable to have a larger sum that you are insured for. If you both have the same income, then insuring yourself for the same amount is ideal.
It could give you access to a discount
Taking out a joint life insurance policy can be beneficial to couples since this can possibly give them a 5-10% discount on their policy. Although changing your life insurance policy to a joint one could possibly discount, it does involve more admin. It is important that when looking for a policy that you are both actively involved in the process to find something that is financially suitable to your needs.
Stay at home spouse need cover too
The work of a stay at home spouse is important. They might not be receiving a salary for it, but they form a core to the home. Should they sustain an injury, fall critically ill, or even pass on it will be felt especially if you have children. Taking out a life insurance policy can ensure that the responsibilities that your spouse took on to ensure that your home is taken care of.
Being able to take care of your family
You and your spouse play integral parts to ensuring that the family structure of your home is maintained. However, should you fall critically ill, sustain a critical injury, or even pass on this could impact your loved ones in a drastic way.
According to a survey, 35% of Australian families didn’t have a life insurance policy. This could leave your partner and your loved ones exposed to financially. This can also create a debt trap that could affect your children in the long run.
When it comes to taking out a joint life insurance policy it is important to remember to speak to a certified insurer who has your best interests at heart. Always provide accurate information and documentation that is requested from you during the application process to make the application process smoother for you.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.
