Permanent Health Insurance (PHI)
A PHI policy provides a monthly, tax-free income in the event that the policyholder is unable to work due to accident or sickness.
It does NOT however cover redundancy or unemployment. It is regarded as permanent as ther is no limit to the number of claims that can be made whilst the policy is in force.
The insurer cannot cancel the policy nor increase the premiums. The period is also unrestricted whish means it pays out up until the policy holder is able to return to work, retires or dies.
Benefit payments usually commence after a deferred period agreed at the outset by the policyholder. This period can be between 4 and 52 weeks. The longer the deferred period the cheaper the premium. The monthly benefit is not intended to fully replace lost earned income but to replace 60% of the policyholder net monthly average income.
At North Mortgages our Insurance Experts will take care of everything on your behalf. Remember, we source insurance from the whole of the market, so you know your getting the best deals available and all tailored to suit your personal circumstances.
Call NOW on: 08000 949 595 or contact us today to arrange a Call Back.
See also: http://www.abi.org.uk
