Joint Income Protection Insurance For Dual Income Couples
If you’re in a similar situation to 25% of couples with a dual income, you’ll never have even contemplated Income Protection.
Joint income protection insurance is one of those insurance products that is not as heavily advertised as other everyday products, such as home, life, and car insurance.
Can we get joint income protection insurance?
In the UK, insurers don’t currently offer joint income protection insurance for couples. According to the Association of British Insurers, 247,000 new individual income protection policies were sold in 2023, yet none of these were joint policies.
What alternatives do couples have for income protection coverage?
- Each partner can take out a separate income protection policy through Insurance Hero. This allows flexible cover based on each person’s earnings, work, or health needs.
- Separate income protection policies offer couples stronger financial security than a joint policy ever could.
- Choosing separate income protection policies allows each person to select the right coverage for their specific job, salary, and health needs.
Couples Protect Your Income Today. No Obligation To Purchase. 60-Second Quote Form
A survey conducted by Liverpool Victoria in 2025 revealed some shocking statistics, listed below:
Even more worrying is that 14% of those surveyed would need to visit food banks if one of their incomes were to be lost.
That is a frightening prospect and highlights how vulnerable even affluent couples can be in the event of an income drop.
- 3.2m homes are reliant on two incomes coming in to make ends meet
- 45% of couples need both incomes to pay for essentials
- 14% struggle even with two incomes
- 29% need a dual income to maintain their lifestyle
- 34% would need to make substantial lifestyle changes in the event of one income being lost
- 59% would not be able to take a holiday if one income was to go
- 21% would no longer be paying for a gym membership
- 13% would need to downsize their home
- 46% would need to shop at cheaper supermarkets
- 64% of couples do not have it in place
Why consider two single-income protection policies?
| Continued coverage after separation | Why You Should Consider It |
|---|---|
| Personalised cover | Each partner can configure their policy to suit their own job, health, and income needs. |
| Independent payouts | If both partners are unable to work, both policies can pay out separately. |
| Greater flexibility | Each policy can have different waiting periods, benefit amounts, and terms. |
| More reliable protection | One partner’s claim or policy changes won’t affect the other’s cover. |
| Easier financial planning | Each person knows exactly what they’re covered for and what the pay out would be. |
| Continued coverage after a potential separation | Protection remains in place for each person even if the relationship ends. |
With that in mind, maybe it’s time to review your financial situation and consider joint income protection insurance.
Financial planning is essential for surviving life with peace of mind. You never know what will happen tomorrow, let alone in a few months or years.
Everything can be ticking along nicely with absolutely no worries at all. Until the worst happens: one person is laid off, their employer enters liquidation or administration, or some other threat to their employment arises.
If that were to happen, millions of homes with dual-income earners would be thrown into complete financial chaos. Some even admit that they’re so poor with financial planning that they’d need to get food from food banks.
Can you imagine
This is the UK, where many feel food banks shouldn’t exist, yet they do, and even working people feel they’d need to use them if their income were to be lost.
In these uncertain times, insurance is becoming prevalent for couples to make ends meet. What’s more, it’s so affordable that you won’t have to make substantial lifestyle changes to pay the cover premiums, but without it, it’s clear that some significant cutbacks would be essential to make ends meet.
To find out just how affordable joint income protection is, you can get an Income Protection quote here. It’s as simple as selecting whether a one-year cover is sufficient for you or if you need a longer term.
We suggest you consider your employability factor. If you’re young and confident that you could get a new job fairly quickly, protect your income for up to one year to cover you while job hunting.
If you’re older and feel the employment market isn’t going to work in your favour, making it more difficult for you to find employment, or if your sector is not as thriving as it once was, perhaps requiring a complete career change, over a year may be more appropriate.
Naturally, the longer you’re covered, the more expensive your premiums will be.
Think about how much disposable income you currently have each month and what amount you’re comfortable paying to protect yourself against income fluctuations financially.
Judging by the statistics revealed by the LV survey, it’s clear that Dual Income households need to take preventative measures to keep themselves financially viable and protect against the hardships a loss of income will bring.
The only alternative to not taking out income protection is to put aside a fraction of both incomes into an emergency savings fund. Still, there’s no guarantee how long personal savings will last.
What would an example policy look like?
- One partner might choose a policy that replaces 65% of their salary to help cover a mortgage.
- Under Aviva’s 2025 terms, this means 65% of the first £60,000 of earnings and 45% above that, up to £240,000.
- The other partner might prioritise a shorter waiting period, especially if they’re self-employed or don’t receive sick pay.
The cost of living is increasing, and savings are no longer going as far as they once did
With 3.2 million households at risk, it’s clear that now is the time for preventative measures to be put in place.
These measures can prevent financial repercussions in the future, like selling up or downsizing, including taking properties with lower council tax bands.
For some homes, this would mean changing location, putting the second job at risk.
There’s much to consider, for which financial advice will undoubtedly prove beneficial. However, at the very least, speak with your partner about your household’s financial position and how joint income protection insurance may be of benefit.
Important questions answered by our team:
Does your employer already provide some form of cover?
It is wise to review any employment insurance benefits your place of work offers, as this may reduce the amount of personal cover required.
Do you need add-ons for your family or mortgage protection?
Consider options such as mortgage cover or family protection if you have dependants or significant household expenses.
How long could you manage financially before the policy starts paying out?
Determine a waiting period that suits you. Aviva’s policy options include 4, 8, 13, or 26 consecutive weeks, and some policies may defer for up to six months.
Related Reading:
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- LV= Offers Relevant Life Cover for Employer Competitiveness
- Income protection for the dental profession
- Over 50 vs Income Protection
- Detailed guide to vets income protection insurance
- Protect your income if you are self-employed
- Private and NHS Doctors’ income protection
- Assistance for contractors unable to work due to illness or injury
Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.
