At some point in our lives, we have all suffered ill health that has meant we were not able to go to work. According to figures from the Department for Work and Pensions, on average 960,000 employees take sick leave for a month or more every year.
So, what would your income be if you were off sick?
Statutory sick pay entitles employees to £94.25 a week for up to 28 weeks and just under half of those surveyed said they did not think this would be enough to live on if they were off sick for longer than a year. It begs the question; would you be able to continue living your life as normal if this was your income?
Despite this, some employers do offer contractual sick pay which is more generous than Statutory Sick Pay, however, a quarter of those surveyed mistakenly believed that sick pay policies were the same across all companies and industries. The average UK worker stands to lose almost £450 in pay if they were off sick for a week without contractual sick pay.
This is why it’s important to have income protection in place. Falling ill unexpectedly could happen to anyone, and the financial impact it could have on you and your loved ones could be a serious problem. Seeking expert advice is important to ensure you’re suitably protected against illness.
If you would like to find out more about income protection then please get in touch with an Oviso advisor
To find out more about mortgages, personal insurance, business insurance and protection or to discuss the options available for your circumstances, contact our team of advisors