IPTM1145 - Fundamental concepts: what is sickness, disability and unemployment insurance?

This term covers a variety of forms of cover against the possibility of being unable to work. The self-employed, in particular, may choose to protect against the risk that illness or disability may make it impossible for them to earn their living. Such policies are known as ’PHI’, standing for permanent health insurance. They are also often known as ’income protection’. More details on PHI policies, and on similar products such as employment protection, mortgage payment protection and creditor insurance at IPTM6100 onwards.

PHI business is not life business but it is, along with the latter, long term business for regulatory purposes.