Can I have a life insurance policy that covers both my partner and myself?

Life insurance policies that cover two people are called 'Joint Life Policies'.

There are two kinds of Joint Life Policies:

'Joint Life First Death Policies'
The insurance pays out on the first death, and if one of you dies, then the policy pays out and automatically terminates. If you are insuring for Mortgage Protection purposes, this is ideal because the mortgage will be fully paid off.

'Joint Life Second Death Policies'.
These types of policy means that you must both die within the term of the policy. Only when both people named on the policy have died will the sum insured be paid out - so neither of you will ever benefit from the payout.

Joint Life Second Death Policies are less expensive than Joint Life First Death Policies, but more difficult to come by.