You will have seen the interesting article by Kevin Walker of Blackett Walker in which Kevin considered the pros and cons of Permanent Health Insurance and Critical Illness Insurance. He took you through the use of these forms of insurance when you are seeking to protect your locum earnings over the longer term.
PHI (otherwise known as Income Protection) is a distressingly underused form of insurance. Discussions have been going on for years, within the financial services sector, about why this should be and various initiatives have sought to address it culminating recently in 7 Families.
What’s the problem with Permanent Health Insurance?
Challenged to throw in a view as to why this is ‘under bought’ I’d suggest it’s perceived as being time-consuming to set up and ‘too expensive’. So is there a way around these perceived obstacles?