Permanent Health Insurance (PHI) Definition
Permanent Health Insurance (PHI) is a policy that pays out regular sums of money to the insured after specified period during disability through sickness or accident and injury. The benefit is payable until the policy holder returns to work, dies, or the policy term expires, whichever is earlier. Such a policy is used to replace a percentage of full income and not just the monthly mortgage repayment. PHI is not an accident, sickness and unemployment and insurance policy which usually only give cover for up to two years. PHI pays an income until a return to work or normal retirement age. PHI does not cover unemployment.
Other definitions:
- Accident Protection
- ASU (Accident Sickness Unemployment Insurance)
- Income Protection
- Payment Protection
- Permanent Health Insurance
- Redundancy Protection
- Unemployment Protection
Income Protection Guide
- What is Income Protection?
- What are the differences between the types of plan?
- What should I think about when choosing a policy?
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