Permanent Health Insurance
PHI provides cover in the event that the insured is unable to work, and therefore unable to earn, due to illness or injury. Plans, for example, offer you the added benefit of continuous regular income until you retire or return to work with any number of claims being made during this period.
Plans are of a permanent nature and can only be cancelled by the policyholders themselves and not the insurer giving added peace of mind.
Benefits can include rehabilitation assistance and methods of benefit payment that allow you to return to work slowly, perhaps working part-time initially, and then increasing as you make a full recovery.
As with certain other protection products these can be placed in trust ensuring benefits are paid without fuss to the person or persons who should benefit. This is an important point when you consider that the policyholder may not be capable of signing forms of consent perhaps after they may have been involved in serious accident or in a state of coma etc.