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Income Insurance

Permanent Health Insurance or income protection insurance is a protection policy provided by life insurance companies that pays out a regular income should the individual insured suffer a loss of earned income by being unable to work due to a sickness or disability lasting longer than the deferred period in the policy. This period is specified within the policy document and it an initial number of weeks i.e. 13/26/52 which the individual must be off work before the PHI policy becomes payable.

Generally the shorter the deferred period the higher the premiums for the same level of cover. It is also important to note there must be a loss of income for benefit to become payable, if an individual is sick but has not suffered a loss of income than the benefit will not be paid out.

Period of Cover

The benefit is payable for as long as the individual is suffering for the sickness/ disability lasting longer than the deferred period. In some PHI policies it is possible to link claims arising from the same cause as a method of circumventing the deferred for example if an individual is of for 24 weeks initially due to a sickness and then 6 months later they are out for the same reason, the phi benefit will be immediately payable without having to wait the deferred period again. It is payable until the earlier of

  • The individual covered returns to work.
  • The individual covered is deemed by a medical professional as fit to return to work
  • The individual covered retires
  • The individual covered reaches the benefit cessation age. This a fixed age outlined in the policy documents say 55/60/65, where any benefit or potential benefit stops. The higher the benefit cessation age the higher the premium.

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Townyard House, 5 Townyard Lane,
Malahide, Co. Dublin

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info@covered.ie

1850 311 411

Monday to Friday: 9:00am - 6:00pm

Saturday: 11:00am - 3:00pm

Sunday: Closed