Income Protection or Permanent Health Insurance (PHI)

Sometimes called disability Income benefit which is designed to provide you with an Income.

Income Protection Features

·          There is a deferred period to suit your needs, these ranges between 4 and 52 weeks.

·          Insurance provides an income commencing after a deferred period for a person who is unable to work due to sickness or injury.

·          The policy, when in place, is permanent. The premiums cannot increase (unless a reviewable premium is chosen) or claims be refused.
   The policy has a fixed term, usually to retirement age of 60 or 65.

·          There is a maximum insured income limit based on several factors. Please contact us for your specific situation.

·          The benefits can be level or increase at a fixed amount.

·          Premium rates are occupation based.

·          Maximum income typically up to 65% of your earned income.

Income Protection Benefits

·          Income is paid for the duration of your illness or incapacity or/and until your selected end date (typically to your retirement date)

·          If you recover then become ill again you can recommence your claim or if it is for a different incapacity, claims are not restricted to one event.

·          Benefits paid for short & long term incapacity, subject to the deferred period.

·          The insurance company cannot cancel cover once you have been accepted. You can cancel, they cannot.

·          Inflation protection can be provided by arranging an increasing policy. This provides increasing cover to take into account rising future costs.

·          Guaranteed premiums are available with most insurance companies.

Income Protection Limitations

• You may receive exclusion for any pre existing medical conditions.
• Some occupations may be excluded from cover.