Joint Mortgage Protection

tinofpeas

We are about to complete on our new property this week, and we have CI and Life protection in place already, however we would like some protection in place should either of us become redundant?

I've have tried the comparison sites but cannot find a joint policy, do these exist? I'm sure this is what we had on our last property, I have tried that company but they now don't do the policy for new subscriptions

TIA

kingstreet

There is joint cover out there. It's better known as split-cover as it pays a proportion of the benefit, based on the incomes of the policyholder.

For example, if you earn £30k between you, your portion is £20k and your partner's £10k, if you lost your job through no fault of your own, 2/3 of the monthly benefit would be paid.

If it were the other way round, your partner could claim 1/3.

The full benefit would only be payable if you were both out of work at the same time.

If you want joint cover, with the whole benefit being paid if just one of you is out of work, that is achieved by taking two single policies.

Mortgage brokers and IFAs have access to the providers of this cover, but they tend to be broker-only.