Income Protection

Income can be protected in several ways and against different events.

Long term solution:

>> Permanent Health Insurance (PHI)

  • Provides cover against accident, sickness & disability
  • Policy is for a set term and can be used to protect a mortgage over a 25 year period or income up to retirement at age 65
  • Claims are paid when a policy holder is sick or injured and unable to work. A valid claim in year 1of a 25 year policy could result in a monthly income for the remaining 24 years
  • Prices can be fixed for the term
  • Multiple claims are possible throughout the term of the policy
  • Suitable for employed or self employed people

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Short term solution:

>> Accident & Sickness Insurance (AS or ASU)

  • Usually an annual or monthly policy (the policy keeps going as long as the payments are made)
  • Pays a monthly amount for 1 year if the policy holder is unable to work due to accident, sickness or unemployment
  • Can be purchased as just Accident & Sickness cover
  • Multiple claims are sometimes possible but may require a return to work for 6 months before they can be accepted
  • Price is subject to change each year
  • Suitable for employed or self employed (if Accident & Sickness only)
  • Not suitable for long term or serious illness

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>> Unemployment Cover (U)

  • Can be purchased as part of an ASU policy or on its own
  • Will pay a monthly benefit for up to 1 year or until the policyholder returns to work
  • Monthly payment subject to change each year
  • Not suitable for people who already know their job is at risk
  • Not suitable for self employed people

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