Who pays if you are ill?

No one wants to be ill. You may be fortunate enough to work for a company that offers sickness benefits but for many workers that are self-employed or on zero hour contracts, how could they afford to meet their financial commitments and continue with their lifestyle if an illness or injury prevents them from working? Company employees should also consider how long their company will continue to pay their salary if they are off sick for a long period of time.

There may be state benefits to fall back on but these are mostly means tested and complex to claim, meaning you may have to rely on savings before being eligible. For anyone that may be successful in their claim, the payments are generally quite small.

So what would you do if your income stopped due to illness, accident or injury? It’s a question many of us would prefer not to answer.

According to a recent survey the average UK family spends in excess of £550 per week* and the average annual shortfall for a client if they are unable to work is £21,000**. An average UK employee could be on the breadline in just 32 days^! This is where Income protection comes in; designed to pay a benefit based on earned income to cover essential financial commitments potentially up to retirement age. Taking away the financial stress and strain at a vulnerable time.

Contact our team of independent financial advisers to see whether income protection cover could help you.


*Source: Holloway Friendly 2018
** ONS 2017- family spending
^ L&G Deadline to breadline 2017