This is also known as Income Continuance Protection but in Ireland it is mostly referred to as Disability or Permanent Health Insurance. In short this cover is called in the industry as PHI and is put in place to provide a regular income in the event of a person suffering a loss of earned income by being unable to work due to sickness of disability. The payment is made if the person is out of work lasting longer than a certain period of time which is often referred to as a "deferred period".

Please give us a call on 01-4546730 or alternatively email info@paulryan.ie

How is the PHI benefit paid and for how long?

The benefit is only paid when there is a proven loss of income and for as long as the individual continues to suffer a loss of earned income by being unable to work due to sickness of disability.

Are the premiums eligible for tax relief?

The premiums are eligible for tax relief at the highest rate of tax up to a ceiling of 10% of total income. As the benefit payments are income they are liable to PAYE taxation.

What is the maximum PHI benefit?

A maximum benefit payment limit may apply which is usually 2/3rds of earnings

How long does a PHI benefit payment last?

Typically the payment will go to your retirement age limit which can be between 55 years of age to 70.

How expensive is PHI Benefit?

This is a difficult question to answer as it varies by age, sex, smoking status and general health. The premiums and cover are usually guaranteed. At Paul Ryan INDEPENDENT Pensions we believe we can give you the right INDEPENDENT Advice on all the PHI products available on the market. We know we are experts in this area and will not be beaten on price or any other aspect of providing good quality advice and service.

Is there much underwriting when you are considering taking out a PHI policy?

Yes generally when you are taking out a plan you will be subject to the underwriting process.