Over Insured

LAPORTS1

Hi All,
Apologies if this is a stupid question:

Through my work I get 'death in service' cover of 4 times my annual salary and income protection insurance should I have a serious illness (70% of total salary). I also have another private policy which covers death and income protection for both myself and my wife (similar payout values).

Recently I've learned that you cannot have 2 income protection policies on the basis that ifinancially it could be better to remain off work rather than return (makes sense I suppose).

On that basis, I assume that I have been over-insured on the income protection front but my question is would both 'death-in-service' policies pay out for my wife should I kick the bucket?

Thank you
LAPORTS

SonOf

Recently I've learned that you cannot have 2 income protection policies on the basis that ifinancially it could be better to remain off work rather than return (makes sense I suppose).

You can have multiple income protection plans. Its the total payout that matters.

but my question is would both 'death-in-service' policies pay out for my wife should I kick the bucket?

You can have as much life assurance as you like (subject to underwriting issues and minor caveats that are unlikely to apply here)

Weighty1

SonOf wrote: »

You can have multiple income protection plans. Its the total payout that matters.

Whilst this is correct, if your work cover provides 70% of your income there's not really any scope for any additional private cover.

The death in service wouldn't be an issue though.

LAPORTS1

Thanks folks. Much appreciated!