Is it cheaper for me and my partner to take out joint health insurance?

Me and my partner have recently moved in together and are looking at are finances. My partner has private health insurance but I don’t, will it be cheaper for us to take out a joint health insurance plan the two single policies?

Question asked by Samantha Atkins
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Answered by Tom Conner

Congratulations on moving in together, for many couples it is a great time to get their finances and insurance aligned and all in order.

When it comes to health insurance it does tend to be a case of you get what you pay for. For a joint medical insurance plan depending on the insurer each partner can be underwritten based on their age, smoker status and gender, thus there are generally no premium benefits for taking out a joint health insurance plan over two individual policies, it just tends to make a lot more sense administratively.

Key things to consider

When considering health insurance at any point in your life it is vitally important to read through the policy terms of a number of insurers to understand the benefits and limitations of the products available and set a budget. Having a budget and and understanding the options available you can go about aligning the two to choose a policy which fits your requirements.

Protecting you and your partner in your new home

When setting up in a new home there are a range of insurance products to consider in addition to health insurance. One of the first products many should consider is income protection insurance, with government support very limited and employers often paying only a short period of company sick pay it is important to protect what pays for everything else, your income. Such a policy can protect up to 65% of your gross income against the risk of illness and injury right up to retirement.

Another policy you may have already considered given your new home is mortgage life insurance which in its nature is designed to pay out a lump sum should the worst happen to either party, thus allowing the remaining partner to pay off the mortgage in full and remove that financial burden.

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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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