Long Term Sickness Protection
Please note that this type of policy does not cover unemployment or redundancy.
If you have an accident or suffer from a long term illness you may be unable to work. Many suffer financial hardship as a result and the state offers only minimal help. PHI (Permanent Health Insurance) may be the answer. PHI is also known as income replacement insurance, income protection insurance, long-term disability insurance, disability income insurance or personal disability insurance.
This type of policy replaces a pre-agreed part of your income if you are unable to work for an agreed period of time because of illness or disability. It continues to pay out until you can return to some kind of paid work, reach retirement, or the policy term ends, whichever is sooner.
PHI products have a waiting period before they will start to pay out (usually 4, 13, 26 or 52 weeks). The longer you agree you’ll wait, the lower your premiums, so it is important you find out what income you can get from your employer, or other insurance (such as mortgage payment protection). Premiums also depend on your gender, occupation, health and lifestyle. (Non-smokers receive discounted premiums). Premiums are either fixed for the whole term or the premiums are reviewed on a regular basis (usually every five years) and can go up.
Insurance companies have different definitions of what constitutes long-term illness. Usually to trigger the policy’s benefits you must demonstrate that you’re unable to follow your usual occupation as a result of sickness or accident. Some policies insist that you must be unable to work in any occupation before benefits are paid.
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