Holloway income protection insurance contract providers permanent health insurance

	Income Protection	Critical Illness	Accident, Sickness & Unemployment	Permanent Health Insurance
What does it cover?	Loss of earnings due to sickness or accidental injury	An agreed specific list of illnesses	Loss of earnings due to Accident, Sickness or Unemployment	Loss of earnings due to sickness or accidental injury
When does it pay out?	From day one of an illness or injury unless you select a longer deferred period.	On diagnosis of one of the agreed specific illnesses	From day one of an accident, illness or Unemployment unless you select a longer deferred period.	From day one of an illness or injury unless you select a longer deferred period.
Lump Sum or Monthly benefit?	Monthly Benefit	Lump Sum	Monthly Benefit	Monthly Benefit
How much benefit will I get?	Usually between 50% & 70% of your gross income depending on the provider	Dependent on level of cover taken out.	Usually arranged with a Loan / Higher Purchase or Mortgage and pays out the amount required to meet its repayments.	Usually between 60% & 75% of your gross income depending on the provider
How long will you receive benefit?	Until you are able to return to work or reach your selected retirement age	You will receive one lump sum	Typically the benefit is only paid between 12 and 24 months	Until you are able to return to work or reach your selected retirement age
What you should know!	Income Protection covers your income if you are unable to work and earn a living due to illness or accidental injury. You will not be able to make a claim if you cannot prove your earnings. You are insuring a proportion of your income therefore it is important that you notify your IP Provider of any changes to your income to avoid being over or under insured. You will receive your benefit and can use it to meet your essential outgoings like bills, mortgage, food and petrol.	Critical illness will only pay out on a list of specific illnesses or conditions. If you are diagnosed with something that is not listed you will not receive any payment from your Critical Illness Provider.	Accident, Sickness & Unemployment is usually linked to a Loan, Higher Purchase or Mortgage therefore the amount of benefit you receive will usually only cover that particular repayment and is normally paid direct the creditor. It must be used to make payments against the credit agreement it was taken out against.	Permanent Health Insurance is largely underwritten on occupation so those who work in higher risk occupations often pay much higher premiums or cannot get cover.

Income protection is sometimes referred to as Permanent Health Insurance or PHI, whilst there are similarities between the two, the traditional PHI model tended to add loadings or additional costs to the premium for characteristics such as occupation and gender.

Some income protection providers still add loadings for these however at Cirencester friendly we do not add loadings for:

Occupation
Gender
Smoking
Hazardous pursuits

This enables us to offer the same low premiums to all of our Members whether they work in a low risk occupation such as an office administrator or a higher risk occupation such as a builder.

Comparing income protection to other protection products