If you are employed, considering statutory sick pay sits at £116.75 a week for the year 2024/25, (Source: Work out your employee’s Statutory Sick Pay manually – GOV.UK ) for up to 6 months paid by your employer, it is important to consider how you will make ends meet during such a time. It may be that your employer offers enhanced sick pay for a period, in which case we can factor this into the policy and reduce the cost. If you are self-employed, no sick pay from an employer will be available, so it is particularly important to ensure some form of Income Protection is put in place.
As well as age and health underwriting that is standard across all protection products, Income Protection also looks at someone’s occupation to determine a level of risk. For workers within the aviation industry, this means there is an increased need for specialist advice to ensure any policy you put in place, or alternative strategy, is appropriate and affordable.
Quick fact:
Despite the importance of income to a household, more mobile phones are insured than there are Income Protection policies.
Source: Financial Conduct Authority’s Financial Lives Survey 2022, Scottish Widows.
Interested in securing your income? Reach out to discuss Income Protection solutions that keep you financially stable in uncertain times.