Do I need income protection?

 

Anybody that has an income whether it be from employment or self-employment should be looking at what provisions you have in place if that income ever stopped due to injury or illness. No matter what you do for a living an injury, or an illness can hit anyone of us. Do you get sick pay from work? If so, how much do you get and how long does it last for? Not all employers offer a form of sick pay, if they do it will only last for a few weeks and then it drops to half pay after a certain period of time. 

 

If you are fortunate enough to have sick pay from your employer, how long does it last for? If it runs out after 3 months, what do you have in place after that? The average long-term sickness lasts for 6 years. How would you survive with no income for 6 years? 

 

Statutory sick pay is available for all employees at £116.75 per week for up to 28 weeks, would £116.75 per week cover your mortgage or rent and your household bills?