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Article ~ ILLNESS INSURANCE Protection Cover (PHI) ~ What is it all about ?

Illness Insurance Cover - Insurance Summary Designed to pay out an Income not lump sum on accident or sickness Usually has a waiting or deferred period from 4/8/13/26/52 weeks  PHI Benefits are currently paid out tax free on claim until you return to work or plan end date Illness Insurance Benefits may be level or inflation linked  Medical evidence may be required and a medical examination for those with health issues Premiums may be guaranteed or reviewable Cover may be based on maximum of, say 50% to 65% of your before-tax earnings If self employed terms usually based on annual net profits Waiver of Premium (where the Insurer waives/protects & covers your premiums after a deferred period of 4/8/13/26 weeks due to sickness or accident)      If you are an employee and you fall ill, your employer might pay you your full pay for a few weeks or months. By law, an employer currently must pay most employees statutory sick pay for up to 28 weeks, though this will probably be a lot less than your full earnings. After that, you would probably have to rely on state benefits. If you are self-employed, you won't have this option. State benefits are not generous. You would probably see a substantial drop in your income if you were out of work for more than a few months because of illness or disability. So what can you do to insure your income ? How does Illness Insurance Income Cover work ? Illness Insurance Cover Insurance aims to put you back to the position you were in before you suffered a loss. But it does not allow you to make a profit out of your misfortune. So the maximum amount of income you can replace through insurance is broadly the after-tax earnings you have lost less an adjustment for State benefits you can claim. This usually translates into a maximum of, say 50% to 65% of your before-tax earnings. If you can't work because of illness or disability, an illness insurance protection plan (also called income protection insurance, salary insurance, wage insurance, income life insurance or permanent health insurance, phi ) pays out a tax-free income. However, some employers arrange Group Illness Insurance protection for their employees as a perk of their job, which can pay out an income after the statutory sick period. So check what you are entitled to.

What is Critical Illness Insurance Cover ?

Critical Illness Insurance Cover - Summary Designed to pay out on diagnosis then claim & survival of specified critical serious illnesses Common Critical Illness Insurance Life Cover plans includes cancer, heart attack, stroke, diabetes, MS, kidney failure Can be in sole or joint names Benefits are currently paid out tax free on claim Designed to pay out as a lump sum or income on diagnosis Usually has no surrender cash in value at any time. Medical evidence may be required and a medical examination for those with health issues Premiums may be guaranteed or reviewable Waiver of Premium (where the Insurer waives/protects & covers your premiums after a deferred period of 4/8/13/26 weeks due to sickness or accident) Each Critical Ilness insurance cover policy is designed for covering particular illnesses, some more than others; you may wish to carefully examine the policy wording before committing to one policy or seek professional advice.[Note the rules changed in April 2007 re Critical Illness Insurance terms designed to help simplify matters. Note that some multi-plan policies and income protection policies have a Critical Illness Life Cover option which you can add onto the plan.

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