Answered by Andrew Jenkinson
Joint or separate policies when looking at life and income protection insurance?
This is a very good question and one that gets asked quite frequently. With many individuals who take out a mortgage they want to protect both the total amount outstanding on the mortgage and the monthly mortgage repayments, to do this you are correct in thinking it is a combination of life insurance and income protection.
A number of insurers in years gone by have created hybrid products although they tended to be to confusing and were often no more cost effective than two separate policies.
It is often cheaper to have separate policies
We did some research into this and more often than not it was more cost effective to look at each policy independently, setting up the policy specifically for its purpose rather than a one size fits all approach. This is very important particularly if you are a company director or in a higher risk manual occupation where there are insurers which have created products specifically for these demographics.
Your best bet is to start by completing a quote for income protection to protect your monthly mortgage repayments, this will help you compare the leading UK’s insurers side by side.
And then doing the same by completing a quote for life insurance to protect the total mortgage loan.
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Frequently Asked Income Protection Insurance Questions
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