# PHI



## geegee (24 Apr 2004)

I am seeking to take out a PHI policy to replace my serious illness cover as the general consensus seems to be that PHI is superior to SII. 

Due to my hazardous self-employment the only provider of a stand-alone policy seems to be Hibernian but apparently they have temporarily withdrawn this product (to review it) until Autumn 2004. They still offer a pension based policy but I read in Consumer Choice that a stand-alone policy is preferable.

Canada Life provide a kind of income protection but the claim criteria is quite stringent i.e. major disablement along similar lines to the Permanent Total Disablement of Serious Illness Insurance.

Friends First and Irish Life will not insure my occupation. 

Any further info as to the reason Hibernian have suspended their stand-alone PHI?

Any thoughts on the pension based PHI? I do not have a pension scheme yet.


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## Liam D Ferguson (27 Apr 2004)

Hi geegee, 

I have no information from Hibernian about why they've suspended their individual PHI contract, but I'd have a suspicion that it was because nobody was buying it.  Any quotes I had done for clients invariably showed Hibernian to be dearer than Friends First, but with a more stringent definition of disability.  

Regards, 

Liam D Ferguson
www.ferga.com


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## geegee (1 May 2004)

Liam,

FF won't cover my occupation so I'm stuck with Hibernian. As per my previous post, what do you think about their pension-based product?

geegee


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## corkamericanlife (2 May 2004)

*PHI and No Claim = All your Premiums Refunded*

I don't know if you heard of American Life yet or not but basically they offer a Income Protection policy that pays 50% of gross up to maximum of €1500 per month (Cost does vary) but the great thing is No claim and you get all your Premiums refunded, the same goes with their Life Cover and Serious Illness Cover.

American Life also offer another Income Protection Policy that covers ALL occuptions,covers anyone up to the age of 49, and again great thing is No claim and you get all your Premiums refunded, But there is more anybody can have it no matter what pre existing illnesses you might have had.

American Life are new to Ireland but you probably heard of A.I.G. who American Life are a part of. www.aig.com A huge company.


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## geegee (3 May 2004)

*.*

Sounds too good to be true but I'll take your word for it!
Can you provide a link or URL as I cannot find this product on the AIG website.

Thanks, gg


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## Oo0 (3 May 2004)

"I have no information from Hibernian about why they've suspended their individual PHI contract, but I'd have a suspicion that it was because nobody was buying it. Any quotes I had done for clients invariably showed Hibernian to be dearer than Friends First, but with a more stringent definition of disability. "


*cough* are you sure you are sure about that Liam ?


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## Chord of Souls (4 May 2004)

Does the American policy mentioned above have a reviewable premium?


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## cork american life (4 May 2004)

No


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## geegee (4 May 2004)

Cork american life,

Please could you provide a URL or other contact details for this policy-Icannot locate it on the AIG website.

Thanks, gg


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## cork american life (4 May 2004)

Sorry can't at the moment as web site is being built at the moment.
[broken link removed]
Cork Office 021 2307000 Ask for John


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## cork american life (4 May 2004)

American Life is a new trading style of AIG Life (Ireland) Ltd., part of one of the largest, most financially secure, international life insurance companies in the world.



Just launched in Ireland, ‘American Life’ is offering an all-encompassing personal protection product that provides three different types of cover: Life, Critical Illness and Income Protection.



In the near future, we also hope to provide a mortgage and re-mortgage service, loans (both secured and unsecured) as well as competitively priced home and car insurance.



However, ‘American Life’ also introduces a new and unique feature to the Irish market.



Clients who pay their premiums to the end of the term of their policy, without making a claim, are refunded all of their premiums!


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## temptedd (4 May 2004)

Hi corkamericanlife,

Do you have any affiliation with this company? AAM accepts recommendations from genuine contributors, but we don't allow advertising.

tedd


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## cork american life (4 May 2004)

Yes i do, and i know your policy of No advertising but all i was doing was passing on information and was very carefull not to Advertise as i did not post this anywhere else to tout for business.

Hope this helps.


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## Peter (4 May 2004)

*Above*

Sounds intertesting.Is this PHI cost a tax write off, ie have you Revenue clearance for it? 

How is the company getting to us- do I deal with a salesperson, a broker to whom you pay commission, or a telsales/ website type?


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## cork american life (4 May 2004)

*American Life*

American Life Employee salespeople are the only people selling those products at the moment

American Life in Cork Direct Line is 021 7304697

Quote CAAB and they will quote you for whatever you need.


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## Peter (5 May 2004)

Is it a tax write off or not? PHI policies from non-localised companies may not have been Revenue Approved as tax allowable. Its a critical issue - can you advise?


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## Cork American Life (5 May 2004)

*PHI and No Claim = All your Premiums Refunded*

No there is no tax relief.The 2 policies are still very good value for money as you get all premium's refunded if there is no claim during the selected term of the policy.


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## Peter (5 May 2004)

*Thanks*

Well that does make a critical difference. One would need to weigh net premiums for allowable PHI against your gross - as well of course in addition to the points you make.


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## geegee (31 May 2004)

Although Hibernian have withdrawn their stand-alone policy, they are still offering a pension based policy. Any thoughts on this type of policy for someone without a pension scheme??


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## geegee (16 Jun 2004)

Any takers for this question??


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## have not a clue (17 Jun 2004)

*stand alone PHI*

My husband has just taken out stand alone PHI with Friends First, he's a self employed carpenter and its on own occupation basis.


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## geegee (18 Sep 2004)

Hibernian are apparently not reintroducing their Stand Alone PHI product until next year. They are still offering their pension linked policy though. Which other insurance companies are now offering PHI, both Stand Alone and pension linked?

gg


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