What types of income protection insurance are there?
(PHI) Permanent health insurance – this differs from private health insurance. PHI allows you to protect a proportion of your income. This is often set at 50% of your salary. It can pay out until you either reach retirement or choose to take early retirement.
Accident and sickness cover – if you suffer an illness or injury resulting in you not being able to work, it will provide you with financial cover allowing you to pay your monthly outgoings until you’re fit enough to return to work.
Unemployment cover – in the unfortunate event of you losing your job, this cover provides you with a steady income. Once you have left your role you’ll receive a tax-free monthly income.
(ASU) Accident, sickness and unemployment cover – this is a combination of all of the above. It’s a 360 degree cover which will give you total peace of mind.