Income Protection
There are policies that will protect you against short
term accidents, sickness or unemployment ASU plans and
these are usually linked to a loan or mortgage. The maximum
term of pay out for a claim is usually 12 or 24 months.
Permanent Health Insurance (PHI) is a contract provided
by an insurer that will normally pay a proportion of your
salary if you are unable to work due to long term illness.
The important difference with this sort of policy is that,
as its name suggests, the contract is permanent, which
means that the insurance provider cannot cancel the policy
(although you can) if you suffer long term/permanent illness.
ASU and PHI cover is a complex area, usually requiring
specialist financial advice, and it is important to understand
just what providers will and will not cover. |
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