What are the different types of income protection insurance?
There are two main types of income protection insurance. These are:
Permanent Health Insurance (PHI) - This should not be confused with private health insurance. PHI protects a percentage of your income
(typically 50% of your salary), and pays out in the event of injury or illness, or once you reach normal retirement age. PHI will cover you for as
many months as you need until you retire
Accident, Sickness and Unemployment (ASU) - This protects your mortgage and rent payments or any other debt payments in the event of you
falling ill, sustaining injury through an accident, or redundancy. Unlike PHI, ASU covers you for 12 or 24 monthly payments max