Life insurance for couples

Life insurance helps to give couples some financial protection. If one partner dies unexpectedly, the other may face financial challenges in the wake of their loss. So, life insurance can help to cover daily expenses, mortgage payments, debts, and even future costs like children's education.

We know coping with the emotional stress of a partner’s death is unimaginable. That’s why our Life Insurance Plan can help ease some of the financial worries of the surviving partner, so they can focus on healing and adjusting to a new life without added pressure. 

For parents, mums and dads with dependents, life insurance is especially important, as it can help financially support your children or other dependents 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. For tailored advice, you should speak to your financial adviser. If you don't have an adviser, MoneyHelper provides up-to-date resources to help you find regulated advisers at moneyhelper.org.uk/choosing-a-financial-adviser or call 0800 011 3797. Advisers may charge for this advice, but there are usually a number of ways to pay. You can also read more about life insurance policies on the Aviva website.

There are a few types of life insurance for couples, of which each offer different levels of cover and benefits. Here are some of the most common types.

Term life insurance

Term life insurance covers you for a specific length of time of your choosing, paying out a lump sum if you die while you hold the policy.

This could be a good option for couples looking to cover specific financial obligations like a mortgage or children's education. However, your cover only lasts as long as the term does, and also ends on claim.

Whole life insurance

This type of product offers lifetime cover for one or both partners, individually or jointly. It covers you for the whole of your life, paying a lump sum when you die while you hold the policy. 

Over 50s insurance is a type of whole of life insurance.

Joint life insurance

This covers both partners under a single policy 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.

Also sometimes referred to as single life insurance, 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 aren’t married or named in a will, it's worth thinking about placing the policy under trust if you'd like your surviving partner to be entitled to some of the payout.

Both joint and individual cover come with pros and cons that you’ll need to weigh up with what you and your partner need. You can learn more about the differences in our article.

Couples or individuals in their 50s may have other needs from their life insurance cover. At this stage, they might be thinking about 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 50s Life Insurance, are specifically designed for people over 50 and pay out a lump sum when you die, letting you leave a little something behind for your loved ones. Typically, they don't need a medical examination and are affordable, although the payout is likely to be lower compared to other types of life insurance.

Bear in mind, Aviva Over 50s Life Insurance is not a savings or investment plan and will only pay out on a successful claim when you die. If you stop paying your premiums or cancel your policy, the cover will end and you won't get anything back.