At Financial Options we understand the importance of protecting your income if you are unable to work. There are a range of products available to meet these requirements:
Permanent Health Insurance (PHI)
This policy will pay a percentage of your normal income after a set deferment period if you are unable to work due to sickness or accident. Usually the deferment period is 3 or 6 months and this cover comes into play once the employer ceases paying the salary.
This cover can pay an increasing level of cover for the rest of your expected working life unless you return to work before retirement. The benefit is taxable as income for a Manx resident.
Accident & Sickness Protection
This is similar to the PHI policy mentioned above but is not underwritten. It also offers back to day one cover and can be a cheaper option then the PHI policy but will only pay out a benefit for 12 or 24 months. This sort of cover can also be used to cover redundancy and cover mortgage, rent or loan payments.