Income Protection

Income Protection

• Guarantee you income until retirement
  
• Cover in the event of long term illness
  
• Pays out between 60-65% of your salary

PHI (Permanent Health Insurance)
PHI (Permanent Health Insurance) is designed to provide replacement income in the event of an individual being unable to work due to illness, disability or accident. The word permanent refers to the fact that the insurer cannot cancel the cover on grounds of poor claims experience. PHI is particularly important for self employed people who do not have the safety net of an employer to pay them when they are ill and so have to rely on their own resources.

Maximum Term for PHI
PHI pays a monthly income for the period of your illness and stops when you are able to return to work. You can choose any term provided that the policy does not run beyond their normal retirement age. Often insurance companies set the minimum term of five years. The benefits when they become payable - are paid until recovery, death or retirement, whichever occurs first.