PHI. age banded yearly increase?

evosy1978

Age banded? Most of the policies Ive looked at include this in their criteria. Im presuming it means the monthly premiums increase every year...

Is there an average increase % ?

also on a side note, why do people advocate seeing a IFA for a PHI policy? It seems straight forward to me. You balance how much you would need to live to how much you can afford to pay in monthly premiums?

Thanks

ACG

Your post is exactly the reason you should speak to a broker.
Not all policies increase as you get older. There are a lot of providers who offer these policies on guaranteed rates. The better policies (in my opinion at least) tend to only be available through brokers.

PHI isnt just a case of choose the amount of cover you want and term and job done, there is a lot more to it that than.

• Own occupation/any occupation/suited occupation is one option.
• Guaranteed/Reviewable rates is another.
• Do you want a cheap and cheerful policy or the bells and whistles. For example you can have cover which pays out for you if you are in hospital (without having to wait for the deferred period), you can have policies that pay for complimentary therapy - physio for example, or partial cover if you return to a lower paid job/less hours.
• Do you want level/increasing cover?
• What deferred period do you want/need?

I could go on, PHI is a great contract (i sell more of this than any other insurance), but its not a straight forward policy.