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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.