Did you know that the average UK worker stands to lose almost £450 in pay if they were off sick for a week without contractual sick pay?
That’s according to the Department of Work and Pensions (DWP) who’s figures also show that 960,000 employees take sick leave for a month or more every year, with over half – 52% of those saying they would be worried about their income if they found themselves in this position.
After just 4 weeks off work the average UK worker would accrue £1800 in expenses, and with little to no savings to fall back on how would you ensure your bills are paid?
Even with SSP of £92.05 a week this would still amount to roughly £1432 of unprotected expenditures. By 12 weeks off work the average worker would be faced with an eye watering amount of expenses totalling £5400 without SSP and £4295 with SSP.
‘25% of Adults have no savings’
Further research indicates that more than half of UK adults (53%) have had to take unplanned leave from work through injury, sickness or unemployment.
Whilst 1 in 6 people have no disposable income, a huge 25% of working adults in the UK have no savings at all to fall back on. It is likely that one in eight of us (13%) would have to sell our family home because of sickness or injury, while over a quarter (26%) would have to sell our possessions and one in seven (14%) having to find a cheaper place to rent.
If your income is not covered, how would you pay the bills if you were unexpectedly signed off work sick or injured?
Peace of Mind
Income protection is designed to pay you a regular income if you are unable to work due to sickness or after an accident, and anyone between the ages of 16 and 59 can get cover up to 70% of their income from as little as 18p per day.
Did you know that 37% of all 25 to 49 year olds working in the UK take time off work with a minor illness each year? Can you afford to lose wages over a common cold?