Life insurance guide for married couples

Life Insurance -

Getting married is one of the most exciting decisions of your life. It’s a commitment to love and working as a team towards your future.

As well as the magic and romance of marriage, there are a few administrative considerations to consider. As you work to blend your households, plan your lives and potentially re-evaluate your finances, don’t forget to review your insurances to reflect your new situation.

Do I need to update my life insurance when I get married?

It’s a good idea to review your life insurance once you are married. The commitment of marriage usually means that you are relying on one another financially and will likely share assets and possibly children. It might be difficult to think about the ‘worst case’ in the first few months of wedded bliss, but it’s always worth checking that your insurances are suitable to your current circumstances.

Keeping your insurer across your major life changes including marriage, births, property purchase or deaths means that they may be able to help you adjust your cover to suit your change in circumstances. For example, you may wish to make your spouse a beneficiary of your policy, or increase your benefit amount on certain policies. Some policies even have features that allow you to increase your cover without needing to answer medical questions, if you have a significant life event like getting married. But these features usually need to be exercised within a certain time after the life event, so it’s a good idea to check early so you can leverage the feature before the window closes. This can ensure your loved ones are in a position to continue their lifestyle should the unforeseen happen.

Should both my spouse and I buy life insurance?

One of the biggest non-financial benefits of life insurance is the peace of mind that it offers, therefore you should consider if both partners need cover. Although you are married, your partner and you are both unique, so naturally your insurance should be too. That’s why we’ve created TAL Coverbuilder to allow each of you to build your cover, your way. This allows you to tailor your cover amount and select the options that best suit you.

How can I make sure my spouse receives my life insurance?

You can add your spouse to your life insurance by making them a beneficiary—this means they will receive the financial payout should you pass away. Couples may list one another as the primary beneficiary of their policies, but you can nominate more than one person to share the amount in proportions that you choose.

Getting life insurance as a couple if we are not married

Generally, joint insurance is available those who are legally married, as well as de facto couples.

Joint life insurance vs individual policies

Some insurers offer joint life insurance policies where more than one person is covered. This type of policy may offer the same level of cover for both parties and only pay out once—when the first person in the couple passes away.

Individual policies can have different levels of cover depending on each member of the couple’s circumstances. They also pay out separately and are easier to incorporate extra cover types like critical illness or total permanent disability.

It’s always worth speaking with the insurer to find out if you can get a discount on your premium if you take cover with your partner.

How to choose a life insurance policy as a couple?

Couples should consider a range of insurance policies to provide cover in a range of circumstances. These include:

  • Life insurance – a life insurance policy means that your family can have some financial stability if you die or are diagnosed with a terminal illness.

  • Income protection insurance – this provides an alternative source of income if you are no longer able to work due to an accident or illness. TAL can provide payments of up to 70% of your income can help to keep your household running even if you can’t work.

  • Total permanent disability insurance (TPD) – TPD insurance pays a benefit if you’re deemed unlikely to be able to work ever again due to a permanent disability. TAL’s policy offers a lump sum payment to help support you and your family through a difficult time.

  • Critical illness insurance – pays a lump sum if you are diagnosed with a specified medical condition. The benefit can be used for anything but is designed to help you pay for medical treatment and rehabilitation, as well as giving you the financial breathing room to be able to take time off to recover and focus on yourself.


This video helps to explain the different types of life insurance TAL offers.

It is important to calculate what level of cover you need as a couple. If one of you were no longer around to contribute to the household income, how much would the other need to look after themselves, your children and the home? You should always check the relevant Product Disclosure Statement (PDS) and terms and conditions before buying an insurance policy.

What happens to our insurance if we get divorced?

As with any major life event, it’s important to review your life insurance if you get divorced. You may need to make administrative changes, like updating your address and premiums debits if you no longer live together or share a bank account. It’s also important to ensure the policy ownership structure is appropriate following the divorce. You should review your policies and beneficiaries to make sure they reflect your new situation, and get advice from your lawyer. Find out how you can take control of your finances after a separation or divorce.

Life insurance means that for better or for worse, you and the one you love can have choices to help you make the most of life. To build cover that suits you, try the TAL Coverbuilder.


Any financial product advice is general in nature only and does not take into account any person’s objectives, financial situation or needs. Before acting on it, the appropriateness of the advice for any person should be considered, having regard to those factors. Persons deciding whether to acquire or continue to hold life insurance issued by TAL should consider the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) for the product (where applicable) is also available. Life insurance issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848.

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