4,3,2,1: Protecting Each Other - Life & Income Cover for Couples

Because “we’ll be fine” isn’t a financial plan.

Intro:

You’ve bought a home together, built a life together, but have you protected it together? If one of you lost your income or worse, how long could the other keep everything afloat?

Protection isn’t about being pessimistic - it’s about making sure one bad month or one bad moment doesn’t undo everything you’ve worked for.

Here’s how to make sure you’re both protected where it really counts.

4 Do’s

1. Cover the essentials first.
Start with what keeps your life stable: your mortgage, your bills, and your income.
Protection doesn’t need to be complicated - if your mortgage, utilities, and food are covered, you’ve already reduced 90% of the stress. Speak to one of our advisers to work through this with you.

2. Match your cover to your life, not your lender.
Don’t just take the policy your bank suggested when you bought the house.
Your needs change - maybe you’ve added a child, increased your income, or reduced your debts. Review and tailor it together every few years.

3. Include income protection, not just life cover.
Statistically, you’re far more likely to lose your income through illness than to pass away early.
Income protection replaces your monthly salary if you can’t work - and that consistency is what keeps a household stable.

4. Use joint planning, not joint policies.
Couples often default to “joint life” cover because it sounds simpler, but it usually pays out once, on the first death.
Two single policies give twice the protection and often cost only a little more.

3 Don’ts

1. Don’t assume work benefits are enough.
Most employer cover stops when you leave the job. Check your policy, many pay just 1–2x your salary or cover you for 12 months of sick pay.

2. Don’t think protection means expensive.
Many clients are surprised at how affordable proper cover is, especially when set up efficiently through trusts or company arrangements.

3. Don’t delay reviews.
Protection should evolve with your life.
If you’ve moved home, changed jobs, or had children - your cover should change too.

2 Common Questions Couples Ask

Q1. What’s the difference between life cover and income protection?
Life cover pays out a lump sum if you die.
Income protection replaces your income monthly if you can’t work due to illness or injury.
The best plans often combine both - security now and later.

Q2. Should we insure both of us equally?
Not always, it depends on income, debts, and dependents.
The key is to ensure the household can survive financially no matter who’s affected.

1 Action to Take Today

Sit down together and list your monthly essentials - mortgage, bills, food, travel.
Then ask: “If one of us couldn’t work, could we still cover this?”
If the answer’s “not for long,” it’s time for a review.

🔗 Book Your Free Protection Review →

Manchester Independent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FCA 431647).
The information above is for guidance only and does not constitute personal advice.
Your home may be repossessed if you do not keep up repayments on your mortgage.