Only 2 in 10 UK homeowners have income protection1, even though it’s likely to be needed at some point in a person’s life.
For example, take a 35-year-old woman who is a non-smoker – for her, there is a 4% chance of death, but a 34% chance that she will be unable to work for 2 months due to illness2.
Don’t rely on savings or sick pay
With income protection, you wouldn’t need to use savings if you were off work. Besides, 42% of working adults think their savings would only last them for up to a month3.
Most salaried employees are entitled to £109.40 per week for up to 28 weeks in statutory sick pay, which may not be sufficient. Meanwhile, freelancers would not be eligible for any help from the state, making protection particularly vital for them.
The difference between the different types of insurance
Even if you have critical illness insurance, income protection is strongly recommended. Critical illness policies usually only cover specific illnesses, while income protection can help if you are signed off work, sick due to any injury or illness.
Life insurance, on the other hand, is there to help your loved ones in the event of your death. But income protection directly benefits you, regardless of whether you have loved ones to care for.
The importance of Income Protection!
Income protection insurance can provide peace of mind by ensuring that individuals and their families have financial support to cover essential expenses, such as mortgage/rent payments, bills, and living costs, even if they are unable to work due to illness or injury. It can be particularly valuable for self-employed individuals or those who do not have access to sick pay or other forms of financial support from their employer.
Ready to put your protection safety shield in place?
Get in touch today and we find you a protection policy that works with your specific needs and requirements!
1 Royal London
2 Risk Reality
3 Legal & General
