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
Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Income Required
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 0208 432 7333
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

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.

joint income protection
 
maximum income protection
 
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.
Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 

Frequently Asked Income Protection Insurance Questions

 
I’ve heard from my friends about loss of earnings insurance. How does this work? Will it really...
 
My husband and I are looking to take out income protection to cover our earnings should we become ill....
 
I have only been self employed for six months so don’t have any...
 
I have been provided life insurance quotes from my mortgage adviser and they include critical illness...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Andrew Giles
10/04/2018

From start to finish a very professional and courteous outfit. A very efficient company with a no nonsense approach. Would recommend.

Mark Burbidge
13/04/2018

First class service from start to finish. Sam Carr was very helpful in setting up my new insurance policies. He kept me up to date throughout the process and provided full explanation and advice on the products and was always available to help.

Doug Muirhead
10/04/2018

Excellent personal service from Matthew Giles, made sure we received a tailor made quote that ideally suited our requirements as a family.

We are rated 4.9/5 based on 1512 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
1548 Reviews
R Steer
Overall Rating
Josh, Nick & Sam helped me set up PHI & Life insurance when I set up my own company. The application process wasn't straight forward due to my medical history, but the team made everything as simple as possible.
C Ash
Overall Rating
I have not started my health cover yet, bus so far the introduction has been very efficient and speedy.
G White
Overall Rating
Clear and concise information
D Muirhead
Overall Rating
Excellent personal service from Matthew Giles, made sure we received a tailor made quote that ideally suited our requirements as a family
S Walker
Overall Rating
Great service, independent advice, not pushy and very consultative. I would have no hesitation in recommending.