Permanent Health Insurance
Often referred to as 'PHI', this is an insurance policy that protects your income or part of it, in the event of pre-defined risks such as disability, injury, accident or ill health. This type of cover is very important for anyone who is self-employed, as there are no social welfare benefits payable to you in this instance.
- Acceptance is assessed through a proposal form.
- The initial premium can change during the lifetime of the policy.
- The amount of total benefit payable is defined at the start of the policy but can be increased, subject to the terms of the policy.
- The amount of total benefit payable is defined at the start of the policy but can be increased, subject to the terms of the policy.
Other Benefits
- Hospital benefit
- Overseas benefit
- Change of Occupation
- Premium Protection
- Indexation
Benefits / Assistance While Returning To Work
- The eligibility to payments commences after a deferred period, for example after 13 / 26 or even 52 weeks.
- The cover continues until retirement age 60/65, but can be subject to medical review.
Main Use / Advantage
Income Protection offers protection against income loss and is especially suitable for self-employed persons or for employees whose employers do not offer 'income protection' to employees for long-term illness or disability.
This policy offers tax relief on the premiums paid. However, any benefit paid is subject to income tax in the normal way.
