Is It Cheaper For Me and My Partner To Take Out Joint Health Insurance?

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.

As such, 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’s 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 of 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 moving into a new home, there are a range of insurance products to consider in addition to Private 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’s important to protect what pays for everything: your income. Such policies can protect up to 70% of your gross income against the risk of illness and injury right up to retirement.

Another policy you may have already considered for your new home is Mortgage Life Insurance. This 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.