What is joint life insurance?
As a relationship progresses, it’s natural to share more financial responsibilities with your partner. A joint life insurance policy provides cover for you both, whether you are married or not. Should one of you die during the term of the policy, you could receive a cash sum. This tax-free cash sum goes to the remaining partner and the policy will then end.
How does joint life cover work?
A joint life insurance policy offers cover for both you and your partner under a single plan. The cash sum could be paid out if one of the partners dies during the length of the policy. If a valid claim is made, the policy will then end. There is also a replacement cover option. This allows the survivor to take out a new single life policy, ensuring they still have some protection in place. Subject to terms and conditions.
The benefits of a joint policy
With a policy in place, you can rest easy knowing that you have taken action to financially protect your family. There are many benefits, including:
- Both you and your partner are covered under one policy by one insurer
- Potentially cheaper premiums than two single life insurance policies
- Option to choose between Life Insurance or Decreasing Life Insurance based on your needs
You can jointly decide how much the surviving partner and dependants might need for ongoing financial commitments should one of you die during the policy term. You should then balance this with how long you need cover for. A cash sum could help with:
- Paying off your outstanding mortgage
- Household bills
- Day-to-day living expenses
- Raising your children
- Outstanding loans
Before you apply
You should know that life insurance isn’t a savings or investment product and has no cash value unless a valid claim is made. It's your responsibility to make sure your policy is right for you, so if you need any advice then you should get in touch with a financial advisor. Please read the Policy Booklet and Policy Summary [PDF 113KB] before you apply.
Choosing the right policy
If you die or are diagnosed with a terminal illness (with a life expectancy of less than 12 months), your partner may need financial support. This is why a joint life policy could be a suitable choice for couples. There are two types of policy to choose from – life insurance and decreasing life insurance. Terminal illness cover is automatically included at no extra cost on policies with a term of 2 years or more.
Add cover – critical illness cover
Critical illness can severely impact the way you live your life, particularly when you have a family to support. For an extra cost you can add Critical Illness Cover to help provide extra protection if you become critically ill. This can also help provide a financial cushion while you recover. Find out which critical illnesses are covered.
Why choose a life insurance policy through Sainsbury’s Bank?
Help protect the ones you love with life insurance policies. With these policies you’ll get:
- Protection by the one of the UK’s largest life insurance providers, Legal & General
- Plus, get up to 22,000 Nectar points† as a thank you for taking out life insurance when you buy direct with us. The number of points awarded will depend on your monthly premium:
- If your monthly premium is under £8.50, we’ll give you 10,000 points (could be worth £50)
- If your monthly premium is £8.50-£20.00, we'll give you 16,000 points (could be worth £80)
- If your monthly premium is over £20.00, we'll give you 22,000 points (could be worth £110)
You'll receive your points within 60 days after you've paid 5 months' of premiums. To join Nectar, just download the app or register at nectar.com
Only choose a premium you can afford and the level of cover you require.
More handy life insurance guides
Our range of guides will help you understand everything you need to know when choosing your life cover policy.
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