Joint Life Insurance

sydney1506 on 09/08/2021 - 11:13

My partner and I have just bought a house.
We each have some life insurance through our Super but want to find out about taking a separate joint policy to cover the mortgage should something happen to one of us.

In the UK, I had a joint policy with my ex to cover our London apartment.

When I'm talking joint, I mean two people insured for X amount but it only pays out on the first death (to the surviving party) - I think its also known as a First to Die policy. All I can find in Australia is 2 named people on one policy but its basically still 2 individual policies with a small 5-10% discount on the second person.

Does anyone know of any providers of true joint life insurance policies?

Financial Insurance Life Insurance

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bobbified on 09/08/2021 - 11:32

All I can find in Australia is 2 named people on one policy but its basically still 2 individual policies with a small 5-10% discount on the second person.

What's the price of the "joint policy" like? Is it much cheaper than two separate policies? If it's not much different, you'd be better off having two separate policies in the event something happens to both of you (and you have dependants). You'd get two payouts vs one.
- sydney1506 on 09/08/2021 - 11:35
  
  The cost of the UK joint policy was pretty much the same as a single given there will only ever be 1 payout.
  - bobbified on 09/08/2021 - 11:40
    
    Have a look at this for a start? I'm sure there'd be companies other than ANZ that would also offer this cover.
    
    Hope that helps!
    - sydney1506 on 09/08/2021 - 11:47
      
      Thanks. But I already spoke to Zurich / ANZ earlier and they don't offer first to die policy :(
1ch1go on 09/08/2021 - 12:17

+1

First to Die policies are not offered in Australia anymore.
- sydney1506 on 09/08/2021 - 12:34
  
  Thanks! That would explain that then :)
- cameldownunder on 09/08/2021 - 12:38
  
  It created so called "Race Condition", race as in car-race. Not Racial.
MercSal on 09/08/2021 - 12:35

Doesn't look like first to die policies are offered in Australia.
See blue box here https://www.finder.com.au/joint-life-insurance

that being said, i cant see a why or why not part.

I imagine its more complex than just only pays out once so same price, as you are essentially doubling the chances of it paying out
- djkelly69 on 09/08/2021 - 12:43
  
  as you are essentially doubling the chances of it paying out
  
  Pretty sure everyone dies…
  - MercSal on 09/08/2021 - 20:22
    
    Life insurance doesn't pay out on every death or at the same rate
Donaldhump on 09/08/2021 - 13:07

just bump up your super insurance, its tax effective to pay inside your super
- mrtin on 09/08/2021 - 22:09
  
  Strange how ppl don't look at other important aspects like definitions terms and conditions.
RockyRaccoon on 09/08/2021 - 13:27

What happens if both die at the same time (or near enough) like in a car crash. Is it like the 00 on a roulette wheel where red/black both lose and bank (insurance co) get the winnings?

Joint Life Insurance

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