Permanent Health Insurence

P

patspost

Registered User
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Folks,
Do many of you have PHI?,
Do you consider it good / bad value ?
Do the companies actually pay out if it is needed or find many loopholes ?
Any other considerations /comments on the PHI issue ?.
 
I would say that PHI is one of the most important Insurances to have. From my experience most PHI claims are paid without any problems. As long as you tell the truth from the outset and they know what they're covering then come claim stage there's never any problems. I've dealt with a number of claims for clients and have never had one declined yet.

You know you can claim tax relief on the premiums paid so it's well worth it, especially if you're self employed and would have no social welfare benefit if you weren't able to work.
 
This type of insurance is vital, just think you insure your car, house, sometimes life, however all this goes out the window if you had an accident etc as you will have no income to cover your bills, claims will be met as long as you have told the insurance company all relevent facts when you take the polciy out. There are 2 main providers of this cover, Friends First and Irish Life, Friends First seem to have the better policy, in that if you had a accident and were unable to complate your own job, but felt that you could not do your current job, but something else with less pay, they will cover the difference in pay. Claims are also paid until retirement so if you had a problem that you were unable to ever return to work, you income is covered. Dont forget also that all premiums are tax deductable, so where it may seem expensive that tax relief brings it down for you. Friend First also have a PHI plan to cover your mortgage repayments.
 
PHI covers loss of income until retirement, doesn't it? Can one get PHI that also covers pension contributions to employers scheme, that at 65 one could get full retirement pension?
 
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