Have you ever considered what would happen if you were unable to work? How would you pay for your mortgage and all of your other ongoing bills? Income Protection or PHI (Permanent Health Insurance) is a type of protection policy which pays you an income should you suffer a loss of income due to being unable to work due to sickness or injury, lasting longer than the deferred period (the period before the benefit becomes payable). The premium for this type of policy is tax deductible (subject to a max. 10% of the individual’s annual gross income) which is a very attractive feature of this product. There are also additional options with these policies such as:
Indexation which aims to maintain the level of income cover in line with inflation (the premium will increase for this feature).
Guaranteed Premium is an option which ensures that your premium will not be reviewed in the future – you will know the level of premium from the start of the policy which will not change even if you make a claims under the policy in the future.
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