It is not surprising that many people confuse income protection policies or permanent health insurance (PHI) with accident and sickness or even the dreaded PPI contracts. A suitable PHI product can provide you with an income replacement should you fall ill or be unable to do your own occupation up until your retirement date. This form of planning provides you with some seriously good cover often at a very reasonable price. It is highly dependent on your occupation and is most appropriate for those who are self employed. Whatsmore, it can be considered as a trading expense and deducted from your overall tax bill (it’s important to note that this has to be verified by the revenue before authorisation).

 

For advice on how to calculate your possible income requirements and state benefit entitlement, please click to enquire.