Income Protection (PHI)

In the event of the inability to work due to accident and sickness, income protection provides a regular income for as long as needed.

Many people take on financial commitments when they are working which can be a massive burden should they suffer an illness or have an accident which leaves them unable to continue working. Statutory Sick Pay from the government is minimal, and you will still need to meet your payments on credit cards, loans and mortgages and also maintain your lifestyle in some way. Permanent Health Insurance (PHI) is an insurance policy, which is designed to provide you with an income for when you as a policyholder are not able to work directly as a result of ill health or an accident. The benefits are available until a chosen date or until you recover, whichever of these is earlier. The benefits do not pay out straight away; they are usually subject to what is known as a deferred period, which is a time when your employer should be providing you with benefits, before you are left to survive on statutory sick pay. The policy does pay its benefits free of tax.

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Income Protection (PHI)