Income Protection (or Permanent Health Insurance - PHI)
What’s it for?
If you are unable to work for a long period of time because of illness or disability, it replaces a substantial part of your income.
What do you need to know?
It continues to pay out until you can return to some kind of paid work or reach retirement, whichever is sooner.
PHI products have a waiting period before they will start to pay out. 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).
This cover might not be available to you if you have existing health problems or a dangerous job.
