It is important to consider your income provision if you are unable to continue your normal duties at work due to ill health.
Income protection / Permanent Health Insurance (PHI) gives peace of mind that should the unfortunate happen, you are able to keep your home and maintain your standard of living as the cover will pay you an income until you recover and are able to return to work. Prestige Financial Solutions search our panel to offer the most comprehensive protection plans for your circumstances and to suit most occupations whether employed or self employed.
If you were unable to work for a period of time, could you survive financially? Do you have savings? Could you manage on state benefits or statutory sick pay? An income protection policy provides a regular income for a fixed period if you are unable to work due to an accident, illness or redundancy. Formerly known as permanent health insurance, this is an insurance policy that pays out if you’re unable to work because of injury or illness.
HERE’S THE KEY POINTS TO NOTE:
A.
Protection cover usually pays out until retirement, death or your return to work, although short-term income protection policies, which last for one or two years, are also available at a lower cost.
B.
Income protection does not pay out if you’re made redundant – but they will often provide ‘back to work’ help if you’re off sick.
C.
This is different from Critical Illness Insurance, which pays out a lump sum if you fall seriously ill.
For more details on Income Protection, Permanent Health Insurance PHI, or for more information / enquiries on Personal Protection / Advice, please contact Prestige Financial Solutions