Half of UK taking unplanned time off work last year
According to research by Zurich, 53% of adults have had to take unplanned time off work because of injury, sickness or unemployment, but still don’t have any form of protection in place should it happen again.
The Cost of Resilience report, a survey of 2,059 adults, also found that it is likely that one in eight (13%) would have to sell their family home if they could not work due to sickness or injury, while more than a quarter (26%) would have to sell their possessions and one in seven (14%) would have to find a cheaper place to rent.
About a third (34%) do not feel financially resilient and said they would not be able to manage a financial shock or unexpected loss of income by themselves.
Out of Work
According to YouGov, approximately 131 million working days were lost due to sickness or injury in the UK last year, and more than two in five (45%) UK adults have been out of work for up to a year, while one in 10 (10%) have been off for longer than 12 months.
The study also found that nine in 10 (92%) do not have Income Protection, while one in six (17%) have no disposable income and a quarter (24%) have no savings to fall back on.
Why Do I need Income Protection?
If you’re in the 92% of people that don’t have Income Protection, you need to ask yourself one thing.. “If I’m too sick to work, how will I pay for the mortgage?” Or if not mortgage, how will you pay for the bills, car, food etc?
In the event that you do fall ill or suffer an injury preventing you from working, your income protection policy would give you peace of mind knowing that your outgoings and day to day costs are covered. However, despite loss of income being a primary worry for workers in the UK, people are still failing to put the correct protection in place.
How Income Protection Works:
Income protection is designed to pay out regular sum (much like a salary would) in the event that you are unable to work due to an illness or a long-term disability or injury. Group Income Protection provides a financial benefit and after care support if your employee is unable to return to the workplace due to an injury or long-term illness.