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INCOME PROTECTION

This type of cover is known as Permanent Health Insurance (PHI) and is usually set up to preserve your current standard of living; maintaining it until you are able to return to work or your designated retirement age should you be unable to ever return to work through serious accident or illness.

The policy provides a monthly tax free income where premiums are paid personally or, if set up as an Executive Plan though a company, it will be paid through PAYE.

Depending on the Insurer, you are able to protect 50% - 70% of your gross income which will begin to start paying after a deferred period. Although cover can be set up from day one, the standard deferred periods are 4, 8, 13, 26 and 52 weeks. It should be noted that the longer the deferred period, the cheaper the premiums.

It is vitally important to note that when setting up a PHI plan, you should ensure that it is to your chosen retirement age i.e. 55, 60 or 65.

There are various subscription options available when setting up PHI, such as:

• Guaranteed Premiums
• Reviewable Premiums
• Inflation proofing your benefit
• Flexibility to increase your cover

Specialist advice is always advisable for these types of policies and through Premier Choice we are able to provide you with expert personal attention and to research the market for the best available and competitive policy for your specific needs.