Salary protection

sugaring1964

Please can anyone well me about Salary protection please. My husband would like to insure against sickness and disability. Many thanks in advance...

dunstonh

the product is called permanent health insurance (PHI).

There is no industry standards with PHI beyond some rules that exist regarding amounts and timescales. In general terms though, providers tend to offer 2-3 versions which would loosely fall into budget, standard and comprehensive. Though they will not usually use those terms and you have to be careful that you are not comparing a budget version against a comprehensive version.

A standard probably doesnt exist because PHI is one of only a few products which has versions which come under two regulatory regimes. Those being protection class business and investment class business. This, along with the number of differences in plans, is one of the reasons why internet coverage of the plan is limited. Many of these websites you see only have protection authorisation and not investment class. So, they would only be able to give info on some of the plans. Another reason for poor internet coverage is that the product is low profit.

This is one area where even those who like to arrange things DIY would be better placed getting it from an IFA because of the differences that exist between plans. Plus being a low profit product, there isnt the scope for the discount providers to offer much, if any discount.