Income protection vs sick pay

I’m seeing more and more people who do not know what their sick pay would be if they could not work. Also, many self employed that haven’t any income protection.
 
Are you conscious of your company’s policy around sick pay? for instance if you were off sick long term, would your company continue to pay you your full salary? Only half? Or would you only receive SSP which is proving to be more common. Statutory sick pay is currently £89.35 each week. If you were to only receive SSP, how would that effect you and your family?

Could you really cope on statutory sick pay?

If you were off work with sickness or injury, what would be the financial impact? If your total monthly income was £357.40 would that be ok? For many of the people with families that would just about cover the food bills. Also SSP stops after 28 weeks. For this reason I strongly believe in income protection. And therefore the value it brings to people. Unless you work for a big company, not many people will be paid their full salary whilst off work due to sickness or injury. Most companies will put you on SSP immediately. Even one month of such a change in pay can have a devastating impact.
 
There are also some great benefits with income protection products. Policies that are tailored to fit your personal circumstances. If you do not have any provision currently, and you want to review your options, then contact us. We will have a conversation about your situation and find you an answer to bring you and your family peace of mind. Additionally if you have a policy in place already, now could be an excellent time to review that. There could also be an improved income protection product available for you now.