Couples Life Insurance: Protecting Your Future Together

When you build a life together, your financial security becomes a shared responsibility. Couples life insurance helps safeguard you and your partner from financial hardship in case of serious illness, injury, or death. Whether you’re newly married, raising a family, or planning for the future, the right insurance policy can provide peace of mind.

Note – this article does not deal with life insurance in superannuation (such as an SMSF), which can be more complex. For details on SMSF insurance, please see https://www.nobleoak.com.au/smsf-insurance/

Why is couples life insurance important?

If you and your partner share financial commitments such as a mortgage, loans, or children’s expenses, life insurance can help your loved one and/or family are financially supported if something happens to you and vice versa.

Key reasons couples consider life insurance:

If the worst was to happen and one of you were to pass away, life insurance can help those left behind in the following areas:

• Mortgage and debt protection – Can help cover home loans, credit cards, and personal debts
• Household expenses & lifestyle costs – Helps maintain current standard of living
• Childcare & future education expenses – Ensures financial security for children’s care and education
• Loss of income – Replaces income that would have been earnt

Types of life insurance for couples

Joint life insurance

• Covers both partners under a single policy
• Pays out a lump sum after the first partner’s passing
• More affordable than two separate policies
• However, after a claim, the surviving partner is left without cover
• Usually, only available with partially underwritten policies. Read more about the differences between fully underwritten and partially underwritten policies here. 

Separate life insurance

• Each partner has a separate cover, ensuring continued protection
• If one claim is paid, the other policy remains active
• Allows for different cover levels based on income, health, or risk factors
• More flexible than joint policies but can be slightly more expensive

NobleOak only offers separate life insurance policies as our products are fully underwritten. However, you can organise your customer communications to go to the one email address or for you to be called at the same phone number to help streamline your interactions with us.

When should couples consider life insurance?

Couples may consider life insurance at different life stages:

• Buying a home together – Protect your mortgage and property investment
• Getting married – Financially plan for your future as a couple
• Having children – Ensure your family’s financial security
• Starting a business together – Protect joint business ventures
• Major financial commitments – Manage debts and obligations responsibly

How much cover do couples need?

Determining the right level of cover depends on:

• Your mortgage and debts
• Future financial commitments (e.g., children’s education)
• Your household income and expenses
• Your partner’s ability to manage financially without you and vice versa

Tip: Use our Life Insurance Calculator to estimate the right coverage for you and your partner.

Choosing a life insurance beneficiary

A beneficiary is the person (or people) who will receive the payout from a life insurance claim. Married and de facto couples typically nominate their partner, but other options include:

• Children or family members
• A trust fund for dependents
• Charitable organisations

The process of nominating a beneficiary of a life insurance policy is different to the beneficiary of a will. Find out more in our guide to beneficiaries.

Tip:  Regularly update your beneficiary, especially after marriage, having children, or divorce.

Adjusting life insurance after major life events

Life insurance and divorce

• If you have a joint life insurance policy, a payout only occurs after the first death, leaving the surviving partner without cover.
• Individual policies offer continued protection even after separation.
• Note that family law can affect all assets of a marriage, including life policies. You should speak to a lawyer when considering wills and planning especially for a blended family.

Changing your policy over time

• As your life changes (e.g., having children, buying property, or retirement), adjust your coverage amount accordingly.
• Some policies allow for automatic increases to match inflation or major life milestones.

FAQs about couple’s life insurance

Can unmarried couples get life insurance together?

Yes of course. De facto partners, engaged couples, or long-term partners can apply for either joint life insurance or individual policies.

Is joint life insurance cheaper than two individual policies?

Yes, joint policies can be more affordable, but they only pay out once. Individual life insurance policies such as NobleOak’s cover provides ongoing cover for both partners. Also generally, if a customer took out cover through a special offer and the offer is still valid, NobleOak will offer the customer’s partner the same discount which helps to reduce costs.

What happens if my partner and I split up?

• Joint policies: You may need to cancel and apply for a new policy.
• Individual policies: Each partner retains separate coverage so you won’t need to change anything unless

How can I ensure my partner receives the payout?

When you take out your policy you will be asked to nominate a beneficiary or beneficiaries.  You can nominate your partner as the beneficiary if you wish and update it as needed.

Can we add income protection or trauma insurance?

Yes! Options include:

• Income protection – Covers lost wages if you’re unable to work due to sickness or injury
• Trauma insurance – Provides a lump sum payment if you are suffering from a critical illness like cancer or stroke (see listed conditions in our PDS)
• TPD insurance – Provides a lump sum payment if you become permanently disabled. Note: TPD Insurance at NobleOak is only available as an optional extra with NobleOak’s Life Insurance Cover.

Award winning life insurance

Protect your loved one and secure your financial future with the right life insurance policy. Compare life insurance cover at NobleOak to find the best fit for you and your partner’s needs.

Get a life insurance quote today.

Any financial product advice is general in nature only and does not take into account your individual circumstances, objectives, financial situation, or needs. Before acting on it, please consider the appropriateness of the information, having regard to those factors. Any third party websites or tools referred to are subject to their own terms and conditions and NobleOak Life Limited makes no representation or warranty as to any information on those websites. Persons deciding whether to acquire or continue to hold life insurance issued by NobleOak Life Limited should consider the relevant Product Disclosure Statement and Target Market Determination for the product. NobleOak Life Limited ABN 85 087 648 708 AFSL 247302.