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Income Protection Insurance

Also known as Permanent Health Insurance (PHI), this provides cover in the event that the insured is unable to work and therefore earn due to illness or injury.

Long term incapacity can have a devastating impact on individuals and families. Often, after any savings have been eroded there are only State Benefits to fall back on.
Have you ever wondered how your financial circumstances might change if you were unable to work and receive a regular income? It is important to consider the following questions:

  • Will the family be able to maintain mortgage payments?
  • What will State Benefits provide?
  • How long will savings last?
  • For how long will your employer pay you?

If you do not have any Income Protection cover provided by your employer or your salary will only continue for a limited period you should consider setting up your own personal cover. This type of plan is also of particular significance to the self employed who of course have no employer to pay their salary in the event of long term illness.

Income Protection Insurance gives you a monthly, tax-free income until you return to work or until the policy reaches its selected term, usually retirement age. The cost of this insurance varies depending on a number of factors including your age, smoker status, your occupation and state of health at the time. Providers offer a considerable choice of cover. The key is to choose a balance between the cover required and the monthly cost.


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