In 2022, 185.6 million working days were lost to this
We all know that life can be unpredictable.
Although you can’t control what life throws at you, you can soften the blow by having the right cover in place.
Each year, unforeseen circumstances are turning millions of lives upside down, making the seemingly mundane task of working an impossible feat. In 2022 alone, an alarming 185.6 million working days were lost to injury and illness in the UK.
The numbers speak for themselves
These figures are not just numbers on a page.
They represent millions of families facing financial hardship due to lost wages. People who are grappling with stress, uncertainty, and the fear of not being able to make ends meet.
If you've ever questioned the importance of having a life insurance policy, this statistic alone should make it clear that the chances of getting ill or injured aren’t as low as you may think.
Why income protection insurance?
Income protection insurance, also known as ‘sick pay insurance’, is designed to protect you and anyone else that’s dependent on your income from potential financial hardship in the event of an illness, injury, or accident that prevents you from working.
It provides a regular income – typically up to 60% of your gross salary – during the period you're unable to work, ensuring you can still pay your bills, maintain your lifestyle, and protect your future.
No one thinks it will happen to them. But let's look at the facts again: 185.6 million working days were lost in 2022 due to circumstances beyond employees' control. The question is not if something unexpected could happen, but when.
The top 5 reasons
According at LV=’s most recent claim statistics (2022), they found that the top 5 reasons that people claimed on their income protection policy were the following:
- Musculoskeletal (25% of claims)
- Cancer (20% of claims)
- Mental health (12% of claims)
- Fractures (10% of claims)
- Covid-19 (6% of claims)
A safety net you can count on
Having income protection insurance is like having a safety net. You may think the likelihood of having to use your safety net might be low. But just think, if you do use it, that safety net is going to be the difference between a really hard fall and a soft landing.
It helps you maintain your current standard of living, pay off debts, and save for future needs like retirement or your children's education. It's about having peace of mind and financial security in a world full of uncertainties.
Moreover, income protection policies can be tailored to suit your needs. Depending on your profession, age, health, and lifestyle, you can customise the coverage, the payout period, and the waiting period before the policy kicks in.
Is income protection taxable?
No!
The monthly payments from your income protection policy will not be subject to income tax. So whatever amount you’re covered for, is what you’ll receive each month, if you were to make a claim on your income protection policy.
Act now, not later
We often delay things that don't seem urgent, but this is not one of them.
Each day you go without income protection insurance is another day you could potentially be at financial risk. Remember, it's not just about you, but about the people who may depend on your income too.
Plus, in case you needed another reason to act now, life insurance is typically cheaper the younger you are. Once you’ve taken out your policy, your price is locked in, meaning you’ll pay the same premium throughout the duration of your policy.
Heard about the benefits?
When you take out cover with the UK’s leading life insurance providers, more often than not, your policy will include free additional benefits*. Depending on which insurer you choose, here is an example of some of the added extras you could access, just to give you a taster:
- Mental health support - you may have the option to speak to a mental health specialist online and depending on which provider you’re with, you could also receive up to four therapy sessions a year
- Access to 24/7 virtual GP appointments - having access to GP appointments is like gold dust in this day and age. Having this in your back pocket can be an absolute game changer if you need to speak to a doctor
- Second medical opinions - if you’ve recently received a diagnosis and you want a second opinion from an expert in your illness
- Personal nurses - these experienced nurses can offer support for long-term physical and mental illness, trauma, bereavement, and disability
- Advice from nutritionists - receive tailored meal plans, suited to your food preferences, goals, and tailored around your habits
- Fitness plans - a team of professional sports coaches can create tailored four or eight-week plans, designed to help you reach your goals
Please make the right choice
Take a moment to reflect on this statistic - 185.6 million working days lost just last year. Those days belonged to real people, with real families, facing real challenges.
Reach out today and our life insurance experts can help you explore your options. The clock is ticking, and the time to act is now. Don't wait for adversity to strike; be prepared and give yourself the peace of mind you deserve.
*Benefits are not contractual and can be withdrawn at any time
