Mental Health and Protecting Your Income
Will you #AskTwice?
Mental health charity TimeToChange have launched their latest campaign on social media, asking men to “ask twice” and be there for their mates.
1 in 4 people are experiencing mental health problems in 2018 according to the charity, so they’re asking that if you see one of your male friends acting differently, don’t just ask if they’re OK once, do it twice, and they may open up about their problems.
Acknowledging mental health issues is an important step in understanding them, but men are still having trouble seeking medical support. A 2016 YouGov survey found that only a quarter of the men surveyed had told friends or family about their mental health issues as they arose, rising to a third when asked if they never choose to tell them at all.
Metal health affects every aspect of a person’s life and their work life is no exception. According to Aon UK, mental health related illnesses rose from 55% to 66% between 2017 and 2018 leading to more time off work and, more concerning for some, a drop-in income they can’t afford.
What Can Happen When Income Drops?
Let’s say that a person on the National Living Wage earns just over £17,000 a year if they never take a sick day. Now keep in mind their living expenses which, according to the Money Advice Service, can be anything up to £8000 on rent, £3000 on food and £1500 on general utilities, so nearly 75% of their income will go on these.
If that person then needs to leave work long term due to a mental health issue, these costs will then need to be covered by statutory pay which only last 28 weeks. After that, the income stops, but the costs won’t. So, what has to go keep on top of bills? Food? Warmth? A roof over your head? We need all of these everyday and the loss of just one could make a person’s mental health even worse. So, what can be done?
This Is Where Income Protection Can Help
Income Protection is a policy that will keep your mind at ease if you we’re to unfortunately have an accident or illness prevent you from working. When paid into at regular intervals, it can provide cover for long term sickness at any time, whether it concern your mental or physically health. So why not contact us, and #AskTwice about the right protections for you?