Both LV life insurance policy types are available as single or joint policies.
Generally speaking, you can save around -25% when taking out a joint policy as opposed to two singles.
However, a joint policy will only pay out once, meaning that when the first partner dies, a pay out is made but the surviving partner is left unprotected.
This will require them to take out a new policy at an older age, at which point they're likely to experience an increase in premiums.
Equally, if your policy is intended to protect your dependants and both you and your partner die simultaneously, only one pay out will be made.
This sum assured may not be significant enough to cover the cost of losing both parents.
Therefore, it's important to consider whether or not a joint policy would offer the level of protection you require.