J
PHI products attract tax relief (if you're self-employed) but do they offer good value for money? I've always been told that PHI policies are notoriously difficult to make a successful claim on.
When I was looking into setting up a company pension, I considered PHI as an added benefit, but I decided against it after looking at the "small-print".
For example:
- it's not enough to lose one arm; you need to lose BOTH arms
- it's not enough to be diagnosed with Parkinsons Disease, you need to be permanently incapacitated and requirement full-time assistance.
These are conditions you don't see on life company's promotional literature. They're contained in the "Terms and Conditions" form you sign just before you agree to start handing your money over. Also, tax relief or not, these products are quite expensive.
Serious illness (which cover your mortgage) always struck me as better value than PHI; in the event of an illness, at least you don't have your home covered.
Does anyone have any experiences with serious illness or income protection products?
Kramer.
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