Health Insurance
How long will your salary be paid during illness?
How will you pay your mortgage?
What will the state provide?
With advances in modern medical technology, many people may be able to lead fairly normal lives even when they are unable to work due to long term sickness or accident.
If you are self employed your income is likely to stop rather quickly if you can't work due to an accident or an illness.
If you are employed and study your contract of employment you may find that your employer will probably only continue to pay your income for a matter of months in the event of an accident or illness. What happens after this time if you are still unable to work?
Will the state provide? If you wish to maintain a similar level of lifestyle the answer will almost certainly be no!
This means that a need has arisen for a means of producing a long term income in case of sickness or disability.
This type of valuable insurance is commonly known as Permanent Health Insurance. It offers protection in the event of you being unable to work due to sickness or accident over the longer term. It will pay a percentage of your annual income, usually a maximum of 50% if you are unable to work after a given deferred or waiting period, typically six months. This insurance can usually be arranged to offer protection until your selected retirement age (maximum sixty five). Therefore if you were to fall ill and become unable to work you would be paid an income, after your specified deferred period as set out in the policy which would continue until you either return to work, retire or die.
There are many companies that offer this type of policy and many different additional options can be included.
The cost of health insurance depends upon the amount of cover required and the term as well as the age, sex, health and occupation of the life assured. Insurance which is based on an assessment of your health is unlikely to cover you for previous or existing medical conditions and you should refer to policy documentation and seek advice in order to understand what the policy does and does not cover before making an application.
We offer in depth advice regarding all health insurance requirements and strive to identify competitive premiums for the terms required
