Permanent Health

(PHI or Disability Insurance)

permanent health insurance NottinghamThis is a stand alone insurance, you do not need to have a mortgage or even be paying rent.

When you apply for PHI on the form certain information will need to be known: input your sex, date of birth, if you are a smoker, your annual income, how much you would like to receive each month, whether the premium and the benefit should be index linked. How long you wish to wait before the policy pays out, what basis you wish to take the policy out: own occupation or works tasks, and finally how long you want the policy and by implication the benefits to last for.

Permanent Health or Disability Insurance
This will pay out a regular monthly income whilst you continue to be unable to work due to long-term disability arising from injury or illness. The payments will only start once you have been unable to work for a set period called the deferred or waiting period. You select the waiting period before the policy starts and it can be 4, 13, 26 or 52 weeks. The longer the waiting period, the cheaper the cover will be. The payments continue until you are able to return to work or the policy end date, whichever is the sooner. (Unlike mortgage protection (ASU /MPPI) which is normally 12-24 months)

The level of benefit and the waiting period should be chosen carefully because you cannot be better off ill than working, and payments will not be made under the policy if this would be the case. As a rule of thumb you cannot insure yourself for more than 50% - 70% of your earned income.
You also need to choose the "Disability Definition" - i.e. what constitutes disability and triggers the policy to pay out. You can choose either "own occupation" (meaning you can no longer carry out the functions of your current job, or "work tasks" (meaning that you cannot carry out any work, based on a standard list of work tasks, see below).

What would happen to you and your family if you were sick and couldn’t work for a long period? Could you manage on State Benefits?

Almost 2 million people are sick & disabled & have been unable to work for OVER a YEAR*
Over 2,900 people begin claiming sickness benefit every day-that is, they go long term sick**
Typically, UK workers have a 1 in 7 chance of being off work for more than 6 months, due to illness or injury during their working life.*** * Source: DSS 2000, ** Source: DSS, *** Source: CMI Bureau

If your firm pays you while your ill or injured, great! maybe 6 months? Will they pay for 2, 5, 10, 20 year ? If your self employed then income will most likely stop that week.. You have a responsibility to yourself and your family to find out more, call or click so we can introduce to you to the company.