Income Protection Insurance

Protect your income

Mortgage or loan NOT required

Permanent Health Insurance

Long Term Income Protection

Provides permanent income protection to cover your income in the event of long term sickness or accident. Benefits are paid after the set waiting period and can continue until you return to work or reach the end of the plan term (normally set at your retirement date).

Cashback minimum of £100!

Accident Sickness Unemployment Insurance

Short Term Income Protection

Provides reassurance that you will be paid if you cannot work as a result of sickness accident or unemployment. The waiting period is normally short before you can make a claim and the maximum claim duration is typically 12 months.

Permanent Health Insurance (PHI)

As its name suggests Permanent health Insurance is a contract designed to provide long-term income protection up to your chosen retirement age. There is usually a waiting period which you choose at the start of the plan before benefits will be paid this can be from 3 days, 4-weeks, 13-weeks, 26-weeks, 52-weeks or 104-weeks).

Insurance companies limit the amount of cover you can have and is typically 50% of your annual earnings (benefits are paid tax free in a claim). It is important that you ensure that you don't have cover which overlaps over policies and also any employer support, otherwise you are paying for cover you don't need and cannot claim.

Permanent Health Insurance provides a regular income benefit to replace your earnings should you become unable to work due to illness or injury.

The level of premium for the required amount of cover will depend on the type of plan and the company chosen. Some companies offer guaranteed fixed premiums, other plans reserve the right to review premium levels, whilst others offer the potential to build up a surrender value.

For a slightly higher premium the option is normally available to have the level of cover automatically increased each year in order to provide protection against the effects of inflation.

Providers will also offer different disability occupation definitions, which are used when you make a claim the preferred definition is OWN OCCUPATION.

Disability Definition - Any Occupation
The plan will only merit a claim should you become unable to carry out any type of occupation at all.

Disability Definition - Any Suitable Occupation
An important aspect of this plan is that a claim can be considered should you become unable to do your own occupation or any occupation to which you are suited, by training or experience. This is clearly preferable to a definition of disability that requires the inability to carry out any occupation.

Disability Definition - Own Occupation
An important aspect of the plan is that a claim can be considered should you become unable to do your own occupation. This is clearly preferable to a definition of disability that requires the inability to carry out any occupation.

What options can you choose with Permanent Health Insurance?

Waiting period
3 day, 4-week, 13-week, 26-week, 52-week or 104-week
Age Expires
50+

Indexed Benefits
In order that the level of benefits in payment are protected against the effects of inflation in the event of a claim, these should be indexed by [enter percentage] /the rate of inflation.>

Indexed Cover
In order to provide some protection against the effects of inflation, the level of cover automatically rises by a percentage you choose per annum or by the rate of inflation.

Premiums Fixed
The premiums themselves are not subject to renewal or review by the insurance company providing your occupation remains unchanged (except to the extent that they will rise in proportion to any rising cover). This is a major advantage which very few contracts offer these days.

Renewable Premiums
Premiums are subject to renewal on a regular basis. This means they will increase as you get older and may also be adjusted to reflect the company's actual claims experience.

Reviewable Premiums
Premiums are subject to review on a regular basis. They may therefore be adjusted to reflect the company's actual claims experience. The contract however, remains a permanent one and your own age or medical condition will not affect future premiums.

Renewable Premiums (Unit Linked Plan)
In order to keep the premiums affordable the plan selected is a unit-linked plan. The premiums are cheaper than normal as an allowance is made for future fund growth. Premiums may need to be increased if fund performance is not as good as that assumed. Unit values can of course fall as well as rise. The cost of cover will also tend to increase as you get older and may be adjusted depending upon the company's actual claims experience. The contract however, remains a permanent one and the company has no choice but to renew the contract regardless of any change in your state of health.

Permanent Health Insurance - Cashback Terms

Use us for your Permanent Health Insurance cover and we will give you cashback after acceptance of your policy.

Cashback is paid after the second month and once you have made the 2nd monthly payment.
Policy premium must be £10 per month or more to qualify for cashback.
The cashback is a rebate of our commission, which is paid in advance of the earnings period typically 48 or 24 months depending on the provider. Cashback is only paid on the basis that you maintain the cover for the commission earnings period or longer. Should the policy stop within this earnings period the provider will request repayment of any unearned commission from us and you agree to repay on our demand your percentage share based on the percentage paid to you as cashback.
We reserve the right to delay paying the cashback until after the commission earnings period if we suspect the policy has been taken out for the sole purpose of acquiring the cashback with no intent of maintaining the cover.
These cashback terms do not affect your Statutory rights.
We reserve the right to alter these terms at anytime and if we do shall take immediate effect.