Can you have joint income protection insurance?
Reader Question: Can you have joint income protection insurance?
My wife and I have joint life insurance cover already but I've been looking to take out a joint income protection insurance policy but am having no luck finding one. Can you have joint income protection insurance?
Income protection insurance cover provides a regular income when the policyholder is unable to work due to illness or injury. With life insurance policies the cost can be reduced by having a joint life policy, it is, therefore, a sensible question to ask if the same arrangement can be made with a joint income protection insurance policy.
Unfortunately, at present, income protection insurance is an individual insurance and can only be taken out by an individual not on a joint basis. The reason for this is because each policy is underwritten on an individual basis taking into account each individual's circumstances when calculating the premium.
If both my spouse and I require income protection insurance, how should this be arranged?
- when arranging income protection insurance it would be wise to arrange it on the basis of each individual's contribution to the household budget
- each partner can then cover up to 60-70% of their individual income
- also bear in mind that the cost of each partner's premiums may be different as they are assessed on age, occupation, health and level of cover
- individual policies can also be increased, decreased or cancelled without affecting the income protection insurance cover on the other partner
- if you are looking to protect loan payments, such as a mortgage, joint payment protection policies are available but these only pay benefits for a short period of time, typically 12 to 24 months
- check out our article 'A guide to sick pay insurance' for more information
How to compare the best income protection insurance policies
The best way to compare income protection insurance quotes is by speaking to an independent income protection specialist, as they can compare quotes from all of the leading insurance companies and advise as to which is best. LifeSearch is one of the biggest independent income protection specialists in the UK, simply click on the link to get started. Additionally, if you decide to take out a policy, you will qualify for £50 cashback.
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