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Permanent Health Insurance

Whereas Life and Critical Illness cover is designed to pay out a lump sum in order to pay off your mortgage Permanent Health or income protection works slightly differently.

Rather than the total mortgage being protected, only a set monthly amount is covered so that in the event of being off work due to an illness or disability your income will be replaced by the insurer until you are able to return to work. You can cover yourself for just your mortgage payment or an amount that allows you to continue your standard of living. The cover normally runs until you either return to work, you retire, or at the end of the plan term set at the beginning.

PHI or Income Protection Insurance is generally thought of as a long term income protection product that would cover long term illness or disability – ASU or short term income protection products are more to cover accidents or sickness when the time off work is likely to be relatively short.