Answered by Andrew Jenkinson
Currently, income protection insurance can only be taken out as an individual plan as the policy needs to be written on your individual circumstances.
If you and your partner would both like cover then it makes sense to insure an amount equivalent to each partner’s contribution to household costs. The maximum amount of cover each partner can take out is 65 per cent of gross (pre-tax) monthly income.
Setting up two income protection plans…
When setting up income protection cover the insurer needs to consider your specific occupation, income level and health, which would make taking out a joint income insurance plan fairly complicated. In terms of structure it would make very little difference whether the plan was set-up as two single policies or one joint plan.
Although not strictly income protection, some insurers do allow joint mortgage payment protection policies to be set-up to cover joint mortgages. On this type of cover, it is important to note that some insurers may advertise a joint plan (quoting one premium) but actually set-up two single plans splitting cover between each partner, which highlights how little difference it makes.
Frequently Asked Income Protection Insurance Questions
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