Permanent health insurance

There is never a right time to become seriously ill or be involved in an accident. When an illness or an accident brings you to a stop it can rapidly bring your income to a stop too, unfortunately it doesn’t bring your bills to a stop.

Statistics show that working men and women between the ages of 20 and 65 should take the possibility of long periods of illness seriously. Recent studies have shown that 1 in 4 men and 1 in 5 women currently in their twenties and thirties will suffer from cancer, a heart attack or another type of critical illness before reaching the age of 65.
(source OPCS cancer statistics 1989 and morbidity statistics from general practice 1991-1992)

Financial support when you need it!
An income protection plan is designed to provide financial support in the event of you suffering a long term illness or disability. It will provide you with an income to help maintain your standard of living for as long as it takes before you are fit enough to get back to work again.

How does the plan work?
We will help you decide the level of income you require to continue with the lifestyle you and your family have become accustomed to should you suffer a long term illness. We will then based on your current situation help you choose how soon after onset of incapacity you need the income from your plan to start. This period of time is called the deferment period. With most providers you have the choice of 4,13,26 or 52 weeks deferment. After this period of time you will start to receive the benefits of your plan.

What types of plan are available?
Increasing cover : This is where the level of income provided by your plan automatically increases each year during the duration of your claim. The increase amount is typically 5% compound each year to keep up with the cost of living from one year to the next.

Level Cover: This is where the level of income provided by your plan remains level thoughout the duration of your claim.

Other benefits typical to this type of plan:

Hospital benefits.
If you are confined to hospital for a period of normally 8 days or more a benefit equal to your income benefit will be paid. There is normally a maximum period this section pays out.

Career Break.
If you stop working to raise children for example you can reinstate cover within normally 5 years on your plans original terms.

Waiver of premium.
This means while you are receiving your benefits your provider will effectively pay your premiums.

Competitive Premiums
The premium required will depend on a number of factors such as age, level of benefit and period of deferment. A further factor affecting premiums is "occupation". The more manual or stressful the occupation, the higher the premium will be.

The broad occupational bands are:

	· Non Manual - Accountant, Clerk, Draughtsman, Doctor, Secretary
	· Light Manual - Car Salesman, Chef, Hairdresser, Travel Agent
	· Skilled/Semi Skilled with emphasis on Manual Duties - Baker, Butcher, Printer
	· Heavy Manual - Electrician, Window Cleaner, Driver, Metal Worker

It is therefore apparent that not all permanent health policies are the same. With this in mind, expert advice and guidance is strongly recommended. Please complete our online enquiry form or request a call back and our independent protection specialist will contact you to discuss you individual circumstances. We will the source the whole market to provide you with the most cost effective and appropriate plan to suit your circumstances.

If you are a Director of a Business or a Partner in a business and currently have no Director Share or Partnership protection in place, Click here to see our detailed page on this area.

Great British Finance Limited are authorised and regulated by the Financial Services Authority (FSA). The FSA does not regulate some forms of Mortgage, Inheritance Tax Planning, Credit Cards, Personal Loans, Deposit Accounts & Insurance. If you are submitting an online request, we would advise to read our KeyFacts statement, links are at the top and bottom of this page.