PHI Income Protection Insurance - Calculator - Typical Key Features

• 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
• Income Protection Plan 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
• Calculation of cover may be based on maximum of 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 do they calculate Income Protection Cover ?

Income Protection plans basically aim 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 an income protection plan 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 for example cancer, heart attack, stroke, diabetes etc; or disability, an income 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 income protection plans 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.

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This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice. 
For protection we offer products based on a fair and personal analysis. 

By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.

 For products with an investment element we will introduce you to an authorised adviser. We act as introducers for Accident, Sickness and Unemployment and Mortgage Payment Protection Insurance plans. We may also introduce you to other selected professional partners for other protection or legal products as deemed appropriate. Online Dispute Resolution (ODR) - https://webgate.ec.europa.eu/odr/main/index.cfm?event=main.home.chooseLanguage. Financial Ombudsman. https://www.financial-ombudsman.org.uk We nominate to fundraise for Great Ormond Street Hospital Charity.

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