Income protection policies
Permanent Health Insurance (PHI)
PHI will replace the income you lose in the event of an accident or illness preventing you from working and can be designed to work with any benefit you may expect from your employer. Essentially, it works like sick pay, once your employers period of sick pay ends, a PHI policy will commence. A PHI policy could provide cover up until your retirement, or until you are ready to return to work.
Family Income Benefit
Family Income Benefit policies are designed to replace an income should you or a partner suffer an untimely death, thereby protecting the family income. The amount and length of the cover is set at the outset of the policy, perhaps selecting the cover to be effective up until your children reach working age or when you might anticipate your mortgage to be paid off.
