How would you manage if you were unable to work?
According to the insurance firm Exeter Family Friendly the average length of a claim for people off work ill is 56 months.
As the world of self-employed people grows the need for income protection is growing as the support from the state is so minimal. If you were off work how would you continue to have your current life style? Figures show that 35% of working people have no savings (the money charity) so they would need to rely on family to help or the state which will pay you just £89.40 per week.
Last year 45% of the claims that paid out by the Exeter Family Friendly firm were for muscular skeletal, back and spine issues suffered by their members and only 10% of the current working population have any form of income protection (ABI).
During the year 16/17 there were 31 million lost working days which is the equivalent of 17 days per working person (HSE), so being unable to work due to illness or injury is a genuine risk
Exeter Family friendly and other societies like them offer income protection that is not dependent on what you do for a living. Some companies see the risk of an office worker as less than that of a builder so the premiums for the office working are cheaper. This is not the case with Exeter Family friendly who do not price on occupation and will allow you to fix your level of cover at 75% of your income at the time of applying so if it drops they will still cover you based on the higher level.
Cover is available for 2 years,5 years or until retirement and can even be back dated until the first day you had off (subject to 3 days off minimum)
Why not contact us today and let us give you an idea on the cost of income protection for the added peace of mind…
Income protection cover is subject to medical under writing at the point of applicationgo back to all blogs