What is joint life insurance?

Joint life insurance is a life insurance policy that's designed to cover two people—typically a married couple or business partners. These are typically permanent life policies, but term policies may be also be available. The policy only pays a death benefit when one of the people who are insured dies—it could be the first to die, or the second. Because of that this coverage is also sometimes called first-to-die joint life insurance or second-to-die joint life insurance.

Get started

Benefits of joint life insurance

Can be more affordable than multiple policies

If you're considering buying two separate permanent life insurance policies (one for you and your spouse or partner), a joint policy may be cheaper than what you'd pay for multiple policies.

Might be easier to qualify for coverage

A second-to-die joint life insurance policy can make it easier for an older or less healthy individual to purchase coverage that they may not qualify for on their own, especially if their spouse or partner is younger or healthier.

Could add financial flexibility to your plan

If your joint life insurance policy is a permanent policy, it will accrue cash value over time as you pay your premiums—which you can access for any reason, at any time, throughout your life.

How much do you know about life insurance?

Questions about joint life insurance?We've got answers.

Get matched with a financial advisor in four easy steps.

The Northwestern Mutual difference

No. 1 ranked insurance company for consumer experience

Best life insurance company for consumer experience, 20231

Ranking for Northwestern Mutual Investment Services LLC, ©2017–2024 and TM, NerdWallet, Inc. All Rights Reserved.

A++ financial strength rating

AAA, Aaa, and AA+—we've earned the highest financial strength ratings awarded to life insurers from all four major rating agencies.2

Awarded in the Insurance category: Life & Health industry, Fortune® Magazine's annual survey, 2017

$8.2B in dividends expected to be paid in 2025

in dividends expected to be paid in 20253

Statistic for Northwestern Mutual, Dividends are reviewed annually and are not guaranteed. based on Northwestern Mutual policyowner data.
Picture of a financial representative

Ready to find the best life insurance options for you?

Your advisor is here to help you understand all of your life insurance options, whether that includes joint life, survivorship or individual policies.

It's easy to get started—no commitment, just a conversation.