Facts about Permanent Health Insurance

Permanent health insurance is a type of health insurance which would cover you or provide you with replacement income in the event that you are unable to work because of an illness or an injury. Through getting this type of policy, you could get coverage for a wide range of medical conditions and illnesses like cancer, heart disease and mental illnesses. Here are some facts about permanent health insurance policies which can help you choose a permanent health insurance plan.

1. Studies show that almost 700,000 males between the ages of 40 and 64 are unable to report to work for over six months because of a long-term illness. This is why getting a permanent health insurance policy is the better option than just relying on SSP or statutory sick pay from your employer. Although SSP can be good for up to 28 weeks, you would most likely be unable to get the income protection that you need in the event that you are diagnosed with a serious illness or you get into an accident which makes you physically incapable of working.

2. Permanent health insurance can pay you a regular income which is designed to allow you to have the standard of living you are accustomed to even if you suffer from a long-term injury or illness.

3. The benefits of permanent health insurance policies usually start after the initial waiting period of 4, 13, 26 or 52 weeks, depending on the type of policy you have. This is usually payable until you are able to return to work, pass away or until the expiration of the policy term, whichever happens first.

4. Permanent health insurance is referred to as such because the insurance company cannot cancel the policy regardless of the frequency that you claim your benefit.

5. Most permanent insurance policies expire once the policyholder turns 60 or 65. Insurers would not normally write new policies for individuals who are within five years of these limits.