Life insurance for couples

Life insurance offers couples financial protection. If one partner passes away unexpectedly, the other may face financial challenges. Life insurance can help to cover daily expenses, mortgage payments, debts, and even future costs such as children's education.

Coping with the emotional stress of a partner’s death is difficult. Life insurance helps free the surviving partner from financial worries, enabling them to focus on healing and adjusting to a new life without added pressure. 

For mums or dads with dependents, life insurance is especially important, as it ensures that children or other dependents are financially supported in the event of either partner's death.

If you’re ever unsure about the terms of your life insurance policy or whether they’re right for you, it's worth talking with your insurance provider. You can visit unbiased.co.uk  for help finding an independent adviser. You can also read more about life insurance policies on the Aviva website.

There are several types of life insurance available for couples, each offering different levels of cover and benefits. Here are some of the most common types.

Joint life insurance

This covers both partners under a single plan and pays out if either partner passes away.

It can be a cost-effective option, as joint policies are usually cheaper than two separate individual policies. However, it only pays out once, leaving the surviving partner without cover afterwards.

Individual life insurance

Each partner can take out their own separate policy.

This option provides two potential payouts, one for each policy. This can give you better protection as both partners are individually covered.

While this can be more expensive, it gives the surviving partner the security of ongoing cover. It also enables both partners to have different beneficiaries if, for example, they have children from previous relationships. For partners who are not married or named in a will, it's worth considering placing the policy under trust if you'd like your surviving partner to be entitled to some of the payout.

Term life insurance

Term life insurance provides cover for a specific period, such as 10, 20, or 30 years.

This could be suitable for couples looking to cover specific financial obligations like a mortgage or children's education. However, you are not covered after the term ends.

Whole life insurance

This policy offers lifetime cover for one or both partners separately, if interested in taking out individual policies.

Couples or individuals who are in their 50s may have other needs from their life insurance cover. At this stage, they might be considering retirement and may not have as many financial obligations, such as a mortgage or dependents. 

However, life insurance can still play a critical role in providing financial stability. Fortunately, there are a number of options available to couples and individuals over 50, including over-50s policies.

These policies, such as Aviva over 50 life insurance, are specifically designed for people over 50 and offer a fixed payout should you pass away. They typically require no medical examination and are affordable, although the payout might be lower compared to other types of insurance.

To start exploring your options and possibly find a policy that meets your needs, you can visit the Aviva life insurance products page. You can also use our life insurance calculator to help you work out how much life insurance you might need. It only takes a few minutes, but it could make a huge difference to your life insurance journey.