Permanent Health Insurance (PHI) Cover

It's when you need to make a claim that you realise just how wise investing in health and medical insurance can be.

Permanent Health Insurance provides cover in the event that the insured is unable to work, and therefore unable to earn, due to illness or injury.

The premium cost will depend on the extent of the illnesses covered, the age of the policyholder and period of time that elapses between when the insured becomes ill and the deferred period.

There is considerable choice between different covers offered by different insurers. The key is to choose a balance between the cover you need versus the cost of premium. A financial adviser with knowledge of the permanent health market can help you select the appropriate policy for you. If you are fortunate enough never to have to make a claim under your policy you may have some regrets at a later date. However many people have been very grateful indeed that, amongst all the other worries they had when they became unable to work, they knew they did not have to think about how they were going to meet domestic bills and keep a roof over their head until they recovered.

The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.