Who can benefit from taking out such cover?
Anyone who does not get paid by their employer indefinitely when they are off sick from work should consider a PHI policy. This is because the benefits provided by the state for statutory sick pay and furthermore incapacity benefits are not sufficient for most people to maintain their current standard of living. The need for PHI is not merely limited to those people who are employed. You can argue that there is a greater need for Self-employed people to have a PHI policy in place as if they do not work they will not have an income from day one. This makes the need for private insurance provision much greater in order to maintain your lifestyle.
People who are unemployed or house persons are also eligible for PHI up to a level of £5054 per year. This would be needed for people who undertake vital duties within the household (such as carers) who are not paid a wage through and employer. The minimum age is 16 and maximum age is 59 for which a client can apply for income protection. As the criteria for state provision of incapacity benefit becomes more stringent, the need for everyone to consider their need to maintain their lifestyle through their income is becomes more apparent.
The salaried staff from Endsleigh Financial Independent Tailoring can offer much more detailed advice on the benefits for individuals considering such a policy. As we do not pay our staff commission on the products that they sell we are able to offer you a truly independent whole of market service.
We want to help to save you both time and money by searching the Permanent Health Insurance products available within the UK market for you, finding the most suitable product for your circumstances.
This Permanent Health cover comparison service is free (unless you opt to pay a fee for our advice). Compare permanent health insurance policies by completing our online quote form.