Am I better off getting cover on joint lives or separate lives?

It is up to you, the joint policy will be cheaper than separate policies, but you get more comprehensive cover with separate policies.

With a joint life first death policy, the policy terminates as soon as a claim is made. The surviving partner therefore will be left without insurance cover at an older age when it could be a lot more expensive to get insured, or even impossible if not in good health.

If you want to leave an inheritance, you could get a joint life second death policy, which means that the policy pays out when both people die within the policy term. This is a good way of leaving money behind for others, as neither policyholder will benefit from the insurance payout.