Affordable Income Protection Insurance

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Who would pay the bills if you can't work?

The cost of living crisis is a big worry for many UK families. With rising mortgage payments, increased energy bills, the soaring price of food shopping† and the cost of petrol, every pay packet is being stretched to its limit.

Now imagine tackling the bills without an income

What if you were unable to work because of an accident or sickness? Could you cope if you suddenly lost your income? The household bills would still continue to arrive every month. You’d still have to look after your family, buy groceries, fill up the car and keep a roof over your head. Being off work because of an injury or illness could happen to anyone, at any time. It’s just one of the reasons millions of people consider taking out Income Protection insurance, for the security it can provide to cover everyday outgoings.

Another consideration is that if you are unable to work because of an accident or sickness, the stress of not being able to pay the bills can make recovery a much more difficult process. The right Income Protection policy could give a reassuring level of financial cover and prevent a lot of sleepless nights, should illness or an accident leave you unable to work.

When take home pay stops, the bills keep on coming

It’s not unusual for people to unexpectedly stop working because of a change in circumstances. It could be through illness or because of an injury, but the impact would be the same: the loss of a regular income. Facing financial insecurity would be a huge concern. Some may be lucky enough to have savings to fall back on; others may have to turn to family and friends for a loan, but with the current cost of living pressures, they may be just as hard-pressed, and unable to help. Putting bills on a credit card would only be a temporary way to fend off a growing financial problem.

Without a regular salary coming in, it would be a struggle to cover all of the household bills, even at the best of times. But with the increased cost of living the financial burden would be even heavier. It would be especially stressful for those trying to recover from an injury, or who are battling a serious illness.

The frightening facts about ‘sick pay’

Some employers do offer benefits for workers, and they may continue to pay an income for a while. But the harsh fact is, employees are usually moved onto Statutory Sick Pay (SSP) within six months**. Very few employers will provide financial support for staff who are off work for more than a year.

The safety net of a regular income

Income Protection policies can provide a monthly tax-free sum that is usually up to 70% of your regular income, to spend as you need to. Everyone's situation is different, so those interested need to investigate further to make sure the policy is right for them.

Professional advice from an independent financial adviser or specialist broker is recommended. They can take you through the details of the various policies available, and make sure the chosen cover is best for you and your circumstances.

Take expert advice

Different insurers and Income Protection policies can flex to cover a wide range of illnesses, conditions and situations, so it’s worth comparing what different plans offer.

For those who want to discuss their policy needs in full detail and compare types of cover, there are online services available that can connect you with a specialist insurance adviser. A quick and confidential enquiry will result in a referral to an expert adviser who will make direct contact; they can help find the best cover options on offer.

The referral service is free, and you can talk to an adviser with no obligation.