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When you buy life insurance, you’re typically buying coverage only for yourself. But if you are married, have a life partner or co-own a business with someone else, you may be able to buy joint life insurance to insure both of your lives.
What is joint life insurance?
Joint life insurance covers two people instead of one person under the same policy. Spouses or domestic partners can get joint coverage. These types of policies are often referred to as married couple life insurance.
In addition to couples or spouses, joint life policies are sometimes used by business partners so that when one person dies, the surviving partner can use the death benefit to ease the financial burden on the company or buy out the deceased partner’s share of the business.
Joint life insurance: Key facts
Costs Usually cheaper than two individual policies.
Benefits Can pay out either when the first person or when both people die.
Who it's best for Couples or business partners looking for affordable, permanent life insurance.
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Types of joint life insurance policies
Some insurers offer joint term policies, which only last for a specified period of time. But most joint coverage is issued as permanent life insurance, which typically lasts for a lifetime and also builds cash value. There are two basic types of joint life insurance: first-to-die and second-to-die policies.
First-to-die joint life insurance
First-to-die joint life insurance is a policy that pays a death benefit to the surviving partner or spouse when the other one dies.
If you have first-to-die joint life insurance and your spouse or partner dies, you’d have to apply for a policy on your own if you still need life insurance. This could be difficult if you’re older than you were when you bought the joint policy or if your health has declined.
Second-to-die joint life insurance
Second-to-die joint life insurance is also called “survivorship life insurance.” It pays out only when both people covered by the policy have died.
If you have survivorship insurance and your spouse or partner dies, you won’t get a death benefit. You’ll also usually need to continue paying the premiums to keep the policy in force. When you die, the death benefit will go to your life insurance beneficiaries.
Some wealthy couples choose a second-to-die policy to cover probate expenses and estate taxes. Couples may also choose survivorship insurance to provide for a child with a disability or leave a financial legacy for charity.
Did you know...
Most people don’t need to worry about leaving a death benefit to cover estate taxes. According to the IRS, in 2026, the first $15 million of an individual’s estate is exempt from federal estate taxes.
Who’s eligible for joint life insurance?
As with other policies, your eligibility for joint life insurance depends on a number of factors. This includes your age and health (and your partner's or spouse’s) and the amount of coverage you’re applying for.
Someone who’s older or has health problems may have an easier time qualifying for second-to-die life insurance because the insurer probably won’t have to pay a death benefit until the healthier person dies. But the opposite can also happen. A partner's health problems, age or tobacco use could mean less coverage or drive up your premiums, especially if you’re buying a first-to-die policy.
Still, a first-to-die policy may make sense for couples with a specific financial commitment, like paying off a mortgage or funding a child’s college tuition, rather than replacing income. That’s because a first-to-die policy is usually cheaper than paying for two separate policies with the same death benefit.
With a second-to-die policy, pricing often reflects the life expectancy of the younger, healthier person. With both types of married couple life insurance, the insurer has to pay a death benefit at some point — but they prefer pushing that out as far into the future as possible.
How much joint life coverage can you get?
Joint life insurance can help couples qualify for lower premiums than individual policies with the same death benefit. Why? Joint life insurance covers two people but only pays one death benefit.
Say you’re considering two individual policies worth $500,000 or a joint life policy that would provide one $500,000 death benefit. The joint policy would usually be cheaper because the insurer only needs to pay one $500,000 benefit instead of two benefits totaling $1 million.
Joint coverage could also help couples qualify for a higher coverage amount. Suppose you want to leave a $1 million death benefit and are shopping for two single $500,000 policies vs. a $1 million joint life policy. The insurer estimates your life expectancy is 20 years, compared to 30 years for your partner or spouse.
The insurer would expect to pay $500,000 in 20 years, then another $500,000 in 30 years —or $1 million total. But with a second-to-die policy, the insurer wouldn’t have to pay any of the $1 million benefit for 30 years.
How to buy joint life insurance
To decide if a joint life insurance policy is the right fit for your situation, it’s worth speaking to a life insurance agent. Joint life insurance is sold by several companies, including the following top-rated insurers. However, joint policies aren’t as common as individual policies and can be hard to shop for online.
| Life insurer | NerdWallet rating | Type of joint life insurance | Policy types available |
|---|---|---|---|
| | Whole | First-to-die | |
| | Whole | Second-to-die (survivorship) | |
| | Universal | Second-to-die (survivorship) | |
| | Whole | Second-to-die (survivorship) | |
| | Universal | First-to-die | |
| Note: NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its joint life insurance policy specifically. | |||
Advantages and disadvantages of joint life insurance
Pros
Cheaper than two individual permanent policies.
Can help older, less healthy people qualify for coverage.
Cons
Splitting a joint policy can complicate a divorce.
Few term options available for joint policies.
Is joint life insurance policy worth it?
A joint life insurance policy may be worth it in a few specific situations, especially if one person has an underlying health issue that might make it too difficult or expensive to get coverage. But before you shop for joint life insurance, be sure to look at the costs of two individual policies, as well as how much coverage you’d each qualify for.
Consider a first-to-die joint life policy if…
You can’t afford two separate policies, particularly if you both work and earn similar amounts. If one person dies, the survivor can use the death benefit for expenses or to pay off a significant debt, like a mortgage.
Consider a second-to-die joint life policy if…
You have specific estate planning needs — for instance, if you’re worried about estate taxes, want to leave a benefit for a child with a disability or you’re building a financial legacy for heirs or a charity.
Alternatives to joint life insurance
If joint life insurance isn’t a good fit for your family, consider one of the following approaches to meet your life insurance needs.
- Buy individual term policies for each person. The simplest solution is to apply for individual term life policies, especially if both people are younger and healthy. Term life insurance is sufficient for most families, but if providing a death benefit no matter when you die is important to you, you could also shop for individual permanent policies.
- Purchase a life insurance policy with a spouse rider. A spouse rider is a policy add-on you can purchase. It pays a death benefit if your spouse dies while the rider is in effect. The death benefit for this life insurance rider will typically be lower than you’d get if your spouse had their own policy. However, if they can’t qualify for life insurance, a spouse rider offers some protection.
- Guaranteed issue life insurance. If one person can’t qualify for their own policy and you’re worried about paying for final expenses, guaranteed issue life insurance is an option. These policies are available regardless of your age or health, but the death benefit is minimal.
Frequently Asked Questions
How does a joint life insurance policy pay out?
In a first-to-die policy, the death benefit is paid out after the first person dies. A second-to-die policy pays out benefits only after both people have died.
Do you have to be married to apply for joint life insurance?
No. Domestic partners or business co-owners can also buy joint life insurance.
What’s the best type of joint life insurance?
If your goal is to provide financial protection for your partner or spouse, a first-to-die policy is the best type of joint life insurance. If you don’t need to financially protect your spouse or partner but you want to provide a death benefit for your heirs or a charity, a second-to-die policy is the better option.
Methodology
How we rate the best life insurance companies
✅ 445 life insurers reviewed
📝 210 policies assessed
🔢 1,515 data points analyzed
📊 Star rating categories
When NerdWallet evaluates life insurance companies, our editorial team considers the insurer's strengths and weaknesses, as well as the things that matter most to customers buying a long-term financial product. We then weigh these factors carefully:
💰 Financial strength (35%). We use AM Best ratings to confirm an insurer’s financial stability and ability to pay claims far into the future. The top life insurance companies have an exceptional financial strength rating of A+ or A++ (Superior).
🗣️ Consumer complaints (35%). Our top-rated life insurance companies have fewer than the expected number of complaints to state regulators over a three-year period, according to the National Association of Insurance Commissioners — so you can expect a smoother customer experience.
☎️ Consumer experience (20%). Insurers who allow consumers to contact them by email, phone and live chat earn the highest scores. The same goes for insurers who support online quotes, beneficiary changes and claims.
👀 Transparency (10%). Our methodology gives higher scores to transparent insurers who clearly display information about their policy options, coverage amounts and term lengths (if applicable) on their site.
⭐ What our star ratings mean
Companies with 5 stars are exceptional, with strong financials, diverse policy lineups and great reputations for customer service.
Companies with 4.5 stars are excellent, with solid financials and policy offerings, and good customer service track records.
Companies with 4.0 stars are good, and potentially great for people looking for niche coverage options.
Companies with 3.5 stars or fewer could do better in certain categories, like financial strength and customer complaints.
NerdWallet does not receive compensation for our star ratings or our reviews. Read more about our life insurance ratings methodology and editorial guidelines.
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- 1. Internal Revenue Service (IRS). Estate tax: Filing threshold for year of death. Accessed Jan 23, 2026.
