Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Aug 6, 2021

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The Lowdown

  • Married couples will need to decide between single life insurance and joint life insurance
  • Married couples can receive discounts on long-term care insurance
  • Buying married couple life insurance for stay-at-home parents is just as important as buying life insurance for the breadwinner

Having a safety net for you and your spouse is important. You want to choose the right coverage that will help to support your spouse after you pass away.

But what is the best and most affordable life insurance for a married couple? And should married couples buy divorce insurance?

Keep reading to find out all you need to know about married couple life insurance.

Looking for married couple life insurance? Enter your ZIP code to get free life insurance quotes for married couples.

What is married couple life insurance?

Married couple life insurance is a type of life insurance that would deliver a death benefit to your spouse if you were to die before them.

Married couple life insurance is especially important to consider if you are the breadwinner and your spouse relies on you for financial support.

If you died, your spouse would receive a financial payout that would help them to support themselves as well as any children you both have.

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Which is better for married couples, separate life insurance or joint life insurance?

Separate life insurance and joint life insurance are the two main policies married couples can buy.

Before you buy life insurance for a married couple, there are some advantages and disadvantages of each policy you’ll need to consider. Read on to learn more about separate vs. joint life insurance.

Separate Life Insurance

Separate life insurance is the most common form of life insurance for married couples.

Separate life insurance allows both spouses to purchase life insurance policies and customize their coverage to suit their lifestyle. For example, the breadwinner of the family might want more coverage on their policy to be able to make up for the loss of income in the event of their death.

Separate life insurance is also flexible with how long the policy will stay in place.

Joint Life Insurance

Joint life insurance covers both spouses under one policy. Because of this, there is no option for individual customization on the policy. However, joint life insurance can be good for those who have been previously denied life insurance because of their health.

If you have been denied life insurance due to your health, you may be able to get life insurance if you purchase a joint life insurance policy with your healthy spouse.

How much does married couple life insurance cost?

Your life insurance rates will vary depending on factors such as your health status, age, and gender, as well as your policy type and death benefit amount.

For a male in his 40s buying a $500,000 separate life insurance policy, the average annual rate is $6,042 for a whole life insurance policy.

Joint life insurance is usually a cheaper option. For a couple in their 40s buying a $500,000 joint life insurance policy, the average annual rate is $2,436.

Are there any discounts for married couples?

You may be able to find a few companies that offer life insurance for married couples discounts, and married couples can also receive discounts on long-term care insurance.

Although the discount amounts vary from company to company, married couples can expect to save anywhere from 15% to 40% on long-term care insurance.

Do I need married couple life insurance as a stay-at-home parent?

Many couples only consider buying the breadwinner life insurance, but buying life insurance for stay-at-home parents is equally as important.

Even though you may not have a steady source of income, if you were to die, your working partner would likely have to hire someone to help take care of your children.

The financial payout to your partner from your life insurance would help to cover the costs of a nanny, a cook, or other childcare services.

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Should married couples buy divorce insurance?

Buying divorce insurance is a personal choice for couples.

Divorce insurance can help to pay for attorney fees and any other expenses you may have when going through a divorce.

Because divorces are often very expensive, it may be worth considering for low-income couples or couples that don’t want to pay the full cost of hiring an attorney.

Life Insurance for Married Couples: The Bottom Line

When purchasing life insurance for married couples, you’ll have to decide whether a separate life insurance policy or a joint life insurance policy would be the right fit for you.

Although you may only think to buy life insurance for the breadwinner, buying life insurance for the other spouse can be beneficial as well, particularly if they are a stay-at-home parent.

Life insurance rates for married couples vary depending on the type of policy purchased, and you can get discounts on long-term care insurance as a married couple.

Before you buy life insurance, enter your ZIP code to get free life insurance for a married couple quotes from top companies in your area.