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Joint life insurance for couples

Key takeaways about joint life insurance

  • A life insurance policy or rider can help couples take care of joint commitments or future plans
  • Couples choose to have life insurance for many reasons including to pay off a mortgage, settle debts, handle final expenses, manage living expenses, or provide for heirs
  • Options range from an individual term life or permanent policy for each individual in a couple to riders that expand coverage

What is a joint life insurance policy?

A joint life insurance policy covers two people. It is often purchased by a married couple and can be used if one partner does not qualify for their own policy or for estate planning. Like other life insurance, joint life insurance provides loved ones with financial support if you pass away. Most of these policies tend to be permanent life insurance policies that last for your lifetime. However, term joint life insurance policies are also available, which last for a set period.

Why should couples have joint life insurance?

You’ve both worked hard to build your life together. You’ve got plans for a thriving future. Life insurance helps ensure the life you’ve built together continues. Your contributions might be financial, such as a salary that helps cover the mortgage, child care, and other bills. Should you pass, you want to be sure your family can continue to manage day-to-day and plan for the future, including college, vacations, and other important milestones. You might also provide for your family in significant ways essential to your family, like staying home with children and managing the household. You want to be sure your contributions would be covered by exceptional childcare providers and other help if you died. Every couple and family is unique, with different financial responsibilities and circumstances. There are many different options for life insurance for couples, from term life insurance to cash value policies, and a wide range of riders to expand your coverage.

Reasons couples should have life insurance

Being in a serious relationship often means big life choices and commitments – like housing, children, and joint bank accounts. If something happens to you, you’d want your partner to be able to manage the obligations you both agreed to take on as a couple. You might also want to plan for your future. Either way, a life insurance policy death benefit could help with:
Paying off a mortgage
If you and your partner buy a house together, your monthly mortgage payment was probably predicated on your joint income. If one of you dies, that income is gone, and managing a house payment alone can be a big burden on the one left behind. A life insurance policy can help pay off a mortgage and relieve anxiety and financial stress.
Settling debt
If you and your loved one have debt together, such as personal loans on a joint account, a vehicle loan, or credit card bills, the surviving half of the couple could be legally responsible for the joint debt. A life insurance payout could help cover these bills, leaving a clean slate.
Handling final expenses
A funeral and burial can be hard enough without the crippling cost of such events. Make financial worries the last thing your loved one has to think about if they have to face the loss of their partner.
Managing living expenses

If one of you is the main breadwinner while the other runs the house and cares for the children, the loss of either parent could be devastating. A non-working spouse will need financial support, and a working spouse may need to come up with a way to pay someone to do all the work previously done by the non-working partner

If you have children together, you’ll want to make sure they are well provided for in the event of your death, and even more so if you and your partner both pass away. Depending on the age of your children, you may need a policy that would replace your and your spouse’s income until they reach their age of majority, with extra to get them started on their path in life.

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There are a range of affordable Fidelity Life products to choose from based on your situation and financial responsibilities.
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How do joint life insurance policies work?

There are two types of joint life insurance policies: first-to-die life insurance policies and second-to-die life insurance policies. These policies work differently and are designed for specific needs.
First-to-die life insurance

This type of policy pays out after the first spouse dies and helps financially support the surviving spouse. Once the policy company pays out the death benefit, the policy is no longer in effect. Therefore, if the surviving spouse desires life insurance, they must apply for a new policy.

First-to-die policies are best for people who have:

  • Large debts, such as a mortgage
  • Expenses largely paid by one spouse
  • Young family members
Second-to-die life insurance

This kind of policy pays out the death benefit after both policyholders pass away. There can be a long period between these two deaths, and the surviving spouse is responsible for paying premiums even after the first spouse’s death.

Second-to-die policies are best for people who want to:

  • Pay inheritance taxes
  • Cover estate taxes
  • Leave wealth for heirs

Best types of life insurance for couples

A term life insurance policy might be the best policy for a young couple starting. Each individual can get their own policy, or in some cases, a joint policy can be purchased for a lower premium.

A permanent life policy can help provide more options as you get older. You can draw against the cash value of your policy to help pay off a mortgage, send a child to college, fund a wedding, or go on a vacation.

Some companies also offer the possibility of adding riders, which can increase the death benefit. An accidental death benefit provides an extra sum of cash in case your death is caused by an accident. A waiver of benefits for disability can help ensure your premiums are paid even if you can’t work.

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Term Life Insurance Calculator

Curious about the amount of life insurance that would give you the financial security you need? A few pieces of information can help you determine what coverage might work best.
Just answer 10 or so questions about your debt, savings, expenses, etc. and we’ll show a personalized estimate for a payout amount for your consideration. Try our term life insurance calculator, then get a quote for whatever amount you decide is best for you and your family.

Fidelity Life Association Named One of America’s Best Insurance Companies for 2026

Fidelity Life Association is proud to announce its inclusion in Forbes’ America’s Best Insurance Companies 2026 ranking. This prestigious recognition, made in collaboration with Statista, the leading statistics portal and industry ranking provider, was revealed on September 24, 2024, and can be accessed on Forbes.com. The America’s Best Insurance Companies 2025 ranking is based on an independent survey of over 18,000 U.S. citizens. Participants evaluated insurance providers they had interacted with in the past three years across six key dimensions: Advice, Customer Service, Price/Performance, Transparency, Digital Services, and Damage/Benefit Service. Survey respondents rated their companies on satisfaction, loyalty, and overall recommendation. These ratings were converted into scores, which were aggregated to determine rankings across five insurance types including Permanent Life and Term Life. Fidelity Life Association is honored to be recognized among the best in the industry as part of this esteemed list. Statista’s comprehensive research and analysis reflect its commitment to providing reliable data and insights across various sectors, making this recognition even more significant. We are proud to be recognized for the third year in a row and remain committed to delivering innovative products that enable everyday Americans to access life insurance coverage quickly, easily, and affordably.