Also known as permanent health insurance (PHI). It replaces part of your income if you are unable to work for a long time because of illness or disability.
It continues to pay out until you return to work, die, or the policy term expires, whichever happens first.
These products usually offer a choice of waiting periods before they will start to pay out (usually 4, 13, 26 or 52 weeks).
The longer the waiting period you agree to, the lower your premiums will be, so it is important you find out what income you would get from your employer and other insurance products during the waiting period.
Check – this cover might not be available to you if you have existing health problems or a dangerous job.
