✓ You are only paid for a certain amount of time.
✓ Does not cover those who are self-employed.
✓ It is not usually enough to support a family.
Unfortunately, in the event that you become ill, injured or made redundant and can’t work, household bills still need to be paid.
While it is true that if you are off sick from work for more than 4 days, those in the UK qualify for Statutory Sick Pay (SSP), this is limited to only £94.25 per week. That is 1/6th of the national average weekly income. For most families, that is simply not enough to keep afloat with mortgage repayments, grocery shopping, utility bills, etc.
Similarly, SSP does not cover those who are self-employed, and you are also only covered by SSP for a maximum of 28 weeks. If you are still unable to work after this period, your employer does not legally have to pay you.
This is why so many people are deciding to get income protection. It provides you with security and peace of mind that you and your family would be covered financially if the worst was to happen.
It is a type of insurance that, if you are unable to work, pays out so you have enough money to support your family and keep life going as normal.
It provides you with a safety net if you are unable to work so you can focus on recovering without the added stress of financial issues.