Would you be able to carry on paying the bills using statutory sick pay or your savings?
Consider how you would cover your usual monthly costs if you were ill or
injured and couldn’t work for a while. Would you be able to carry on paying the
bills using statutory sick pay or your savings? If not, it’s worth thinking about.
Three in five people with the right protection in place would feel more financially resilient if they had a policy that paid if they were unable to work due to illness or injury, research highlights.
That is why is it so important for people to obtain professional financial advice and find a protection solution to protect themselves and family.
Financial position
Protecting income should be at the heart of building financial resilience. But worryingly, 45% of 25-44-year-olds without a protection policy are not
confident they could financially cope if they fell ill.
Over a quarter (28%) of workers in this age group would struggle to pay household bills if they were unable to work for two months or more.
Half also say their partner relies on their income, and they need both incomes to cover their monthly outgoings. So as the cost of living crisis bites, it is even more important to ensure we have the right conversations with customers about their financial position if they are unable to work.
Disposable income
The research also highlights that almost half of people surveyed are not confident they could cope financially if they fell ill. This lines up with UK savings
statistics which tell us that 41% of Britons don’t have enough savings to live for one month without income.
Nobody wants to worry about how they would cope financially if they were ill or injured and couldn’t work. The reality is, with the likelihood of disposable
income in real terms going to contract for many people, this makes protection even more crucial.
Give you and your family peace of mind against loss of income.
Should you find yourself unable to work due to illness or injury, having the right protection in place will give you and your family peace of mind against your loss of income. If you have any concerns and to find out more, please contact us.
Ancojada Limited trading as Ancojada Group is not authorised or regulated to provide financial advice.
All financial advice is provided by other regulated businesses
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