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Income Replacement Cover (PHI)

Income Replacement Cover is commonly known as Permanent Health Insurance (PHI). It provides an income should you be prevented from working due to sickness or injury. The insurance company cannot withdraw cover, under any circumstances, once the contract has been accepted and premiums have commenced. (As long as you keep paying your contributions.)

These plans work by paying you an income, usually equivalent to 50-65% of your usual salary, if you are unable to work for a long period. The income is generally paid until the termination date of the policy, which can be on or before your retirement age, depending on the policy's terms and conditions.

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