Who can benefit from taking out PHI cover?

Anyone who does not get paid by their employer indefinitely when they are off sick from work should consider a PHI policy. This is because the benefits provided by the state for statutory sick pay and furthermore incapacity benefits are not sufficient for most people to maintain their current standard of living. The need for PHI is not merely limited to those people who are employed. You can argue that there is a greater need for Self-employed people to have a PHI policy in place as if they do not work they will not have an income from day one. This makes the need for private insurance provision much greater in order to maintain your lifestyle.

People who are unemployed or house persons are also eligible for PHI up to a level of £5054 per year. This would be needed for people who undertake vital duties within the household (such as carers) who are not paid a wage through an employer. The minimum age is 16 and maximum age is 59 for which a client can apply for income protection. As the criteria for state provision of incapacity benefit becomes more stringent, the need for everyone to consider their need to maintain their lifestyle through their income is becomes more apparent.

For further information on how PHI can benefit you, look no further than advice from E J Folkard Financial Services. We want to help to save you both time and money by searching the Permanent Health Insurance market on your behalf to find you the best to suit your individual circumstances. Why not call us now and get a quote, it costs nothing. We offer a truly independent UK whole of market service.

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