Income Protection (Sometimes called Permanent Health Insurance or PHI) pays you a regular income up to 75% of your salary in the event of you not being able to work through accident, injury or illness.
There is normally a deferred period and you can choose this the time of taking out the policy, typically 4 weeks, 8 weeks, 13 weeks or 52 weeks. The longer the deferred period you choose, the less premium you will pay.
Do You Need It?
- Are you self-employed with no source of income if you can’t work?
- Does your employer only pay sick pay for a limited time?
- Do you have loved ones that depend on you and your income?
- Do you want to have your pension contributions paid in the event of being unable to work through injury or illness?