For most of us, our income is the foundation of our family’s security. It pays for our home, bills, and day-to-day expenses. But what would happen if you were too ill to work? Many people are unaware of how little support is available from the state, and relying on company benefits might not be enough. That’s where Income Protection comes in.
Why is income protection important?
If you’re unable to work due to illness or injury, you may be entitled to the following state benefits:
- Statutory Sick Pay (SSP) – This is the basic support offered by the UK government, but it’s only £116.75 per week (or £99.35, depending on the current rate) and lasts for up to 28 weeks.
- Employment and Support Allowance (ESA) – If you’re unable to work for a longer period, you may qualify for ESA, which pays between £90.50 and £138.20 per week, depending on your circumstances.
While this support is helpful, the combination of SSP and ESA may not be enough to cover your essential living costs. For most families, these amounts fall far short of their regular expenses.
Are Your Company Benefits Enough?
It’s worth checking what benefits your employer provides if you’re off work due to illness. Some companies offer sick pay, but this is often limited and may not provide long-term financial security. Many people are surprised to learn that their company benefits alone won’t be sufficient to maintain their current lifestyle.
Income Protection – Peace of Mind for Your Future
Income Protection ensures that you can continue receiving a steady income even if illness or injury prevents you from working. It’s designed to bridge the gap between what state benefits offer and what you need to maintain your standard of living.
Whether you’re self-employed or rely on a company salary, having Income Protection means you can focus on recovery without worrying about how to pay the bills. It may even be the difference between keeping your home or not.
At Citrus Financial, we’re committed to helping you protect what matters most. During Income Protection Action Week, take a moment to consider: Could your family cope without your income?
Contact us today and find out how we can help safeguard your future with Income Protection.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 18/09/2024
You can find more information on Income Protection on the MoneyHelper website.
