Permanent health insurance

Do you ever think about how you’d pay your bills if you were unable to work?

A Permanent Health Insurance (PHI) policy could be the answer. PHI is designed to replace your income if you’re ill and unable to work for a long time. You decide how long you wait before the policy starts to pay out - anywhere between one month and two years.

But if you have such a policy, the odds are you took it out some time ago and you are unlikely to have reviewed it regularly since. Now may be a good time to do just that. Circumstances change and the cover may not be what you thought or what you now need.

Consider this…..PHI policies usually insure salary or your business profits. What if you now run your business through a company and take out the majority of the profit as a dividend rather than wages? You may find your PHI policy wouldn’t cover dividend income in the event of your being unable to work - it’s worth reviewing the position and please do talk to us if you have any concerns or questions.