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While you can't get a combined income protection policy for couples, it's possible to get income protection that will cover both you and your partner financially should one of you become temporarily unable to work.
If your health goes downhill and you're unable to work, you can't expect to get by only on your partner's income. That's because when you're injured or become ill, there are a number of other financial burdens you have to take into consideration, including the following:
Income protection is designed to help get you back on your feet, usually covering you for 75% of your monthly income for a specific period of time (e.g. two years) if you're unable to work due to sickness or injury. It's ordinarily paid to you via monthly instalments into the bank account of your choice, just like your income. To ensure you both get access to the benefit payments, you can sometimes designate your partner as a beneficiary. Alternatively though, you can set up payment to a joint bank account.
What type of jobs you have, who is working and who is the higher earner will impact the kind of income protection you need as a couple.
If you're worried that 75% of the main income earner's income is not enough income protection for you as a couple, there are three common ways that you can increase your cover:
When calculating the cost of your premiums, insurers take factors such as your age, sex and occupation into consideration. While the type of occupation you are in has a big influence on how much you will pay, how much you earn will also affect your premiums. For example, a person earning $4,000 a month is likely to pay around $30.58 for income protection. If you earn more than average, say $16,000, you'll pay an estimated $102.27*.
If you support both yourself and your partner financially, it's likely your salary is higher than average, meaning income protection will cost you more. However, on average you still won't pay as much as two people earning the same amount as one person. For example, the average cost for someone earning $8,000 is $57.25, while two $4,000 earners will pay a combined amount of $61.60 per month in premiums.
*Based on a 35-year-old, non-smoking office worker with no pre-existing conditions listed. Quotes checked across eight brands in December 2019.
There are a few conditions and exclusions worth keeping in mind when you apply for cover:
There are other insurance options for couples you might want to consider:
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