Can we have joint income protection insurance?

My husband and I are looking to take out income protection to cover our earnings should we become ill. Is it possible to take out joint income protection?

Question asked by Bevan Jenning
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Answered by Tom Conner

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.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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