What is Income Protection (PHI)?
Income Protection (or PHI as it is commonly known) is an insurance policy taken out to protect you against loss of income if you are unable to work for a given period.
PHI will provide you with a tax free income if taken out by an individual if you are unable to work as a result of an accident or sickness. You can normally insure up to 55% of your gross earned income and there are normally no restrictions on the amount of claims you make. The benefits are usually paid out until you return to work or reach the expiry date of the policy.
The benefits can provide you with an income to enable you to continue to pay your bills and protect yourself and your family.
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