Income Protection

Protect your Family

Family Income Protection Insurance is designed to provide you with an income if you're unable to work because of illness or injury. Family income payment insurance aims to put you back to the position you were in before you were unable to work. It pays a regular tax- free monthly income.

Primarily, they are two main types of Family Income Protection Insurance, each of them are similar to their mortgage payment protection counterparts.  

Short Term Protection 

Short Term Family Income Protection Insurance is used for un-employment, redundancy, accident and sickness; you may even hear it referred to as ASU (Accident, Sickness and Un-employment).  This type of protection often starts quickly, after a matter of weeks, and is generally payable for 12 to 24 months according to the protection being provided and the provider concerned.   Although generally used with mortgages, it can be used for other purposes, but you should check with your independent financial adviser.

Long Term Protection

Long Term Family Payment Protection Insurance (also referred to as Permanent Heath Insurance) is primarily used to support you between when your employer, or short term protection plans, stops paying and the end of your retirement.

Permanent Health Insurance (PHI) could help ease the financial burdens that being out of work due accidfent, sickness or accident can bring.


Did you know ?

It’s important that you check when buying a Permanent Health Insurance plan whether you have been quoted "own occupation" or "any occupation". As an example: if you are a surgeon who unfortunately, due to accident, lost the use of your hands, an “own occupation” might pay out to support you. However, an “any occupation” plan might not be so suitable, as it might be possible for the provider to suggest alternative employment could be found, for example as a medical lecturer.

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Consider this....

  • Accepting Part Time Work
    Some income protection plans will pay a reduced benefits if you are able to return to work on a part-time basis or accept a lower paid position....
  • Maximum Cover
    Cover limits apply when buying income protection insurance and vary between providers; they are based on a percentage of your salary - different rules apply for the self-employed...
  • Occupation Types
    Permanent Health Insurance premiums are based on several factors including your “Occupation”. An “Occupation Class” system is used and not all providers operate the same structure....
  • Waiting Periods
    Long Term Plans (PHI) have waiting (deferment) periods before paying a claim they are usually: 4, 13, 26 or 52 weeks – fit this in with any sick-pay arrangements from your employer...