This life insurance calculator will quickly help you work out how much cover you might need.
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 dependents 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.
With Life Insurance, also sometimes known as level term life insurance, you choose how much cover you want and how long you want it to last. The amount of cover remains the same throughout the length of the policy.
Decreasing Life Insurance (also known as mortgage life insurance) is designed to help protect a repayment mortgage. As a couple, you may have purchased a house together. Without your financial contribution, your partner might struggle to pay the monthly mortgage costs. This is where having Decreasing Life Insurance to help cover a repayment mortgage could be beneficial. The amount of cover reduces roughly in line with the way a repayment mortgage decreases.
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
- Up to £90 of Nectar points †. You'll receive your points within 60 days after you have paid 5 months' premiums.
- We’ll double the Nectar points on your Sainsbury’s shopping and fuel ‡
The number of Nectar points you receive depends on your monthly premium.
More handy life insurance guides
Our range of guides will help you understand everything you need to know when choosing your life cover policy.
Need more information about life insurance?
Offer Terms and Conditions
† Collect up to £90 of Nectar points - 1. This offer is only available when you take out a new life insurance, decreasing life insurance or over 50s life insurance policy. 2. After you've paid 5 months' premiums, you'll receive 18,000 Nectar points (worth £90) if your monthly premium is over £20.00, 14,000 points (worth £70) if your monthly premium is £8.50 - £20.00 or 10,000 points (worth £50) if your premium is under £8.50. If you’ve taken over 50s life insurance, we’ll add 18,000 points. We’ll add the points to your Nectar account within 60 days unless your policy is cancelled during this period. 3. You need to tell us your Nectar card number when you apply 4. We'll award points for no more than 2 policies per household in any 12 month period. 5. Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 6. We reserve the right to change or cancel this offer without notice.
‡ Double Nectar points offer – 1. Offer available to customers buying a new life insurance, decreasing life insurance or over 50s life insurance policy. 2. You need to tell us your Nectar card number when you apply; and scan or swipe that card, or input your card number, with each Sainsbury’s purchase. 3. Double points begin on your policy’s cover start date. If you tell us your Nectar card number after your cover start date, double points begin on the date you tell us. 4. Double points stop when the policy is cancelled or you stop paying premiums. 5. Each Nectar account can only collect points from one life insurance policy. 6. It’s only the base points you collect at Sainsbury’s that are doubled. Bonus points won’t be doubled, nor will any points from Argos, Habitat, Sainsbury’s Bank (including travel money purchases), Sainsbury’s Energy or any other Sainsbury’s service. 7. By the 10th of each month, you’ll get a bonus point award equal to the total of your qualifying points during the previous month, up to a maximum of 20,000 points. 8. Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 9. We reserve the right to change or cancel this offer without notice.