Is there a policy which combines life insurance and income protection?

Having just taken out a mortgage I am looking at my insurances and wanted to take out life cover and income protection and wondered if there was a single policy that does both? Or do I need to look at them separately.

Question asked by Joan Arthur
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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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If you get stuck at any point please do not hesitate to give us a call on 0208 432 7333 and one of our experts will be on hand to help.

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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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