Pregnancy cover is one of the most common reasons people take out private health insurance, particularly among the young and relatively healthy population. Having a child is a stressful time, and of course we want to make sure we have the best health care for both mum and newborn. Pregnancy also ticks many of the boxes of where private health insurance can add significant value – we have enough lead time to choose our treating doctor and we can often organise (or at least influence) the delivery setting to maximise comfort.
So it’s no surprise that many mothers-to-be opt for pregnancy cover. But when we take out a couples policy, we’re usually duplicating the cover for both policyholders. While it would be reasonable enough to assume that a couples policy excluded pregnancy for males, this is rarely the case. In fact, the premiums you pay for couples policies typically double the cost of a single policy – not only may you be covered for things you don’t need, but you may not be getting a discount for combining your coverage either. So whilst a couples policy may make your life a little easier by only having one policy and one regular deduction from your bank account, you’re probably paying a lot for the privelige!
While a man being covered for pregnancy is an obvious example of unnecessary cover (at least for the time being!), the same logic applies to every element of cover. Maybe you are fit and healthy while your partner needs comprehensive health cover due to known medical issues, a lower risk tolerance or a riskier lifestyle. Taking out a policy with comprehensive hospital cover may make sense for your partner, but doubling up on the same policy for you is probably a waste. Or maybe you wear glasses, have had a range of dental issues in the past, and regularly visit the physiotherapist. In this case, it may make sense for you to take out hospital and extras cover, but your partner may only need hospital cover.
In general, while couples policies are more convenient and may sometimes be appropriate if you and your partner have similar health needs, you may often be better off on separate policies. Call your insurer to discuss your options, or get personalised recommendations from experts, tailored to your specific needs with insurely.