Permanent Health Insurance
Preserving your Income, Protecting your Peace of Mind
How it Works
Should an accident or illness prevent you from working, you can receive up to 75% of your normal earnings (less any social welfare payments). This is paid directly to you to use as you please – to cover your regular expenses and protect your family’s normal lifestyle.
You will start receiving your monthly income after the deferred period (cash payout waiting period) which applies to your policy (from 13 to 52 weeks).
- Valuable tax savings – you can claim tax relief on your monthly contributions/premium – enjoying a tax break of up to 10% of your income, per annum (taken at source from your salary). Just be aware that benefit payments from your policy will attract PAYE by the life company.
- Tailor to suit – structure your policy to suit your needs and budget. You could choose a shorter deferred payment period and pay a higher premium, or pay less and expect a longer deferred period. It’s up to you.
- Flexibility – you can take out cover whether you are in full-time work or are self-employed.
- Keep pace with changes – if your salary changes, you can change your income protection level too. You can also choose to increase your cover annually to keep up with inflation.
Quick Q and AQ. Is Permanent Health Insurance the same as Serious Illness Cover A.Both types of policies cover the same sorts of illnesses, but whereas Serious Illness Cover pays out a lump sum benefit, PHI pays you a regular monthly amount, allowing you to manage your income as you would your salary. Which policy you choose depends on what will work best for you.
Q. Are there illnesses that are not covered? A. As with all policies, there is some exclusion to cover – including injury or illness as a result of alcoholism, drugs or dangerous activities. You must also give details of any pre-existing medical conditions you may have at the time you take out the policy.
Q. How many times can I claim on my policy? A.As long as you continue to pay your premiums on your policy – your policy’s protection will stay in force. The life company cannot cancel your policy, no matter how many times you claim.
Q. Are there other Terms & Conditions? A.There are number of PHI policies on the market and each differ in terms of specific terms and conditions. Our Financial Advisors can help explain the differences and advise you on what might be the most suitable policy for your personal circumstances.