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Mortgage Advisor & Director
If you’re looking to financially protect both yourself and your partner in case either of you is diagnosed with a serious illness, joint critical illness cover (CiC) could offer a solution. Here, we’ll cover how joint critical illness cover works in the UK, how it compares to individual policies, and where to find the best quotes.
Can you get a joint critical illness policy?
Yes, it’s possible to take out a joint critical illness policy. This type of cover is designed for two people, typically couples, although you don’t need to be married to be eligible. Usually, joint CiC pays out once if either of you is diagnosed with a serious illness listed in the policy.
Joint cover can be a useful way to get financial protection for you and someone else under a single policy, potentially at a lower cost than two separate plans. However, bear in mind that most joint critical illness policies only pay out once, and cover usually ends after a successful claim.
How do these policies work?
Joint critical illness cover works in a similar way to an individual policy, except that it’s shared between two people. You’ll agree on the level of cover (how much the policy pays out) and how long the policy will last when you take out the insurance. You’ll also pay a monthly premium to keep the cover in place.
If either person is diagnosed with a serious illness covered by the policy (such as cancer, heart attack, or stroke), it pays a single lump sum, which is usually tax-free. This type of critical illness cover can be particularly beneficial for parents or those needing a lump sum to help with a mortgage, medical costs, or living expenses.
The cover normally ends following a payout, meaning there’s no further cover for the second person. However, there are exceptions, and some insurers offer options that allow the second person to take out a new policy or reinstate cover after a claim, but this usually costs more.
Types of policies available
There are a few different ways you can structure your protection plan with joint CiC:
Standalone joint critical illness cover
This type of policy provides cover for both of you for serious illnesses only, and won’t pay out if one of you dies. It’s usually cheaper than two separate policies because it only pays out once, in most cases. It can work well if you already have separate life insurance or want to focus solely on critical illness protection.
Combined life and joint critical illness cover
This is a popular option for couples seeking comprehensive protection. Joint combined life and critical illness cover pays out if either of you is diagnosed with a serious illness or if one of you passes away. It offers good value, especially for those with financial commitments, such as a mortgage, debts, or dependents.
Group critical illness cover
An area sometimes overlooked is group critical illness cover. If either of you is employed, you may get critical illness protection from your employer as part of a group policy. They can include spouses or partners (sometimes for an additional fee). However, this cover tends to be limited in terms of benefits and flexibility.
How much does joint cover cost?
The cost of a joint critical illness policy depends on the same overarching factors that impact an individual policy, including:
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Your ages and general health, including family medical history.
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Lifestyle factors, like whether you’re smokers, drinkers, and how active you are.
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The amount of cover you need and the size of the potential payout.
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The length of the policy.
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Type of cover (decreasing term policies can be cheaper because the payout reduces over time).
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The number and types of illnesses covered, sometimes ‘enhanced cover’ provides wider protection.
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If either of you has any extreme hobbies like rock climbing or scuba diving, this could push up costs.
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Your job might impact costs because some professions, like construction or police work, for example, carry higher risks.
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Whether you need additional benefits, like children’s cover, personal accident insurance, or waiver of premium.
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If you bundle your policy together with other forms of protection, like life insurance or income protection.
In many cases, the cost of joint critical illness cover can be slightly cheaper compared with buying two separate single policies. However, because it typically only pays out once, it’s worth weighing up the pros and cons.
If you and your partner want complete protection, regardless of whether one of you has made a claim, taking out two individual critical illness policies can offer better peace of mind. However, this usually results in a higher overall cost for your cover.
Get joint critical illness cover quotes online
If you’re looking to compare joint critical illness cover quotes online, you might find it complex and confusing. Various factors can impact the options and premiums for you and your partner. The right policy will depend on both your circumstances and needs.
An insurance adviser can quickly provide accurate quotes, often faster than online platforms. This is because they can easily determine the correct cover for your joint situation. They can find you the cheapest quotes and might even suggest bundling your cover with other protection to ensure you have a complete plan.
If you’d like a free, no-obligation chat with an adviser specialising in joint critical illness cover, you can get started here:
Get bespoke quotes for joint CiC policies here
Best UK providers for joint critical illness cover
The right insurer for you and your partner depends on the type of cover you’re after, your health, and your budget. But, here are some popular UK providers offering joint critical illness policies:
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Aviva: Joint critical illness cover with Aviva pays out for 52 conditions. The survival period is 10 days, and it pays up to £25,000 (or 50% of the cover amount, whichever is lower) for children diagnosed with critical illnesses. You can also split your policies if needed, perhaps due to a separation.
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Vitality: Critical illness cover from Vitality is sometimes referred to as ‘serious illness cover’, but it means the same thing. It covers both of you for 114 conditions as standard (which you can increase to 174), and it gives you the option to claim more than once in certain situations.
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Royal London: Policies with Royal London can only be accessed through an adviser. They offer joint critical illness cover with a maximum payout of £3 million, and you can add children’s cover for an extra fee. Royal London tends to be more flexible in terms of underwriting, but more expensive as a result.
If you want to get a better idea of the best UK critical illness providers for a joint policy, it’s worth having a brief discussion with an insurance adviser to see what your options are.
Why choose Teito for your joint critical illness cover?
Finding joint critical illness cover that’s right for both of you doesn’t need to be difficult. Our advisers specialise in critical illness protection and can help you navigate the options available to find the right provider with the lowest costs.
Our experienced advisers will find the most suitable and affordable joint critical illness cover because they know which insurers can offer the best protection options for couples and partners making a joint application.
Here are some more of the reasons people choose us for their joint critical illness cover:
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We can get tailored quotes for joint critical illness protection
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Our advisers have 5-star ratings on leading review sites
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Your first chat is free, with no obligation to proceed
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Access to specialist insurers with deals for joint applicants
Ready to take advantage of a free, no-obligation chat with an adviser specialising in joint critical illness cover? Get started here.
FAQs
Your joint policy will typically pay out once, and the lump sum will be the amount you agreed on when you took out the cover. This may be lower than your initial cover if you opted for something like decreasing term insurance, but you should be able to see the details in your policy notes.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.