The top 5 reasons that sick pay insurance should be on your radar

Income protection is different to any other type of life insurance because it can cover the money you earn. Let’s look at our top 5 reasons why this policy should be on your radar. 

1. The policy that help can pay the bills whilst you can’t

We always say the same with any type of life insurance policy, we hope you never have to use it.

But as we all know, life has a habit of throwing a curveball every now and then. So having the right protection in place is really important.

If you ever had to make a claim on your income protection policy, the monthly pay-out could  make a huge difference to your life. Here are some of the top things you could use the money from your income protection policy to help pay for:


• The weekly food shop
• Pay towards your bills and general outgoings
• The rent or mortgage
• Any loans that you pay off monthly
• Vets bills
• Childcare costs

2. It can cover you for mental health

Sadly, bills don’t go away just because you can’t work, and not every illness is a physical one. This is why, one of the stand out elements of income protection insurance is that it can cover you for an illness that stops you from being able to work, including mental health conditions!

So, whether it’s stress, depression, anxiety, or another type of mental health problem, if you can’t work because of it and you’ve been signed off by the doctor - you could make a claim on your income protection policy.

With an income protection policy in place, you can move money to the bottom of the list of worries you’d have, if you couldn’t work due to sickness or injury.

3. Superior to SSP

One of the main reasons people don’t prioritise sorting their income protection is because they believe they can rely on SSP.

If you didn’t know already, statutory sick pay (SSP) is paid by your employer, if you had to take time off work sick for over 3 days. If you qualify, you’ll receive a pay-out of £109.40* a week, for up to 28 weeks.

This may sound like a sufficient amount of money at first. But in the grand scheme of things, these weekly payments wouldn’t get you very far. According to the Office for National Statistics, the average weekly household outgoings in the UK are £481.50 which means that on average, weekly SSP payments would cover just 22% of the average cost to run a home.

4. One less thing to worry about

An income protection policy could cover up to 60% of your income which means that the majority of your monthly income could be covered by your policy, if you couldn’t work due to illness or injury.


With an income protection policy in place, you’ll have peace of mind that if the worst were to happen, and you couldn’t work, you could still pay for the things that matter.

5. It’s for everyone who works

The bottom line is, if you work, this cover should be on your radar.

If you couldn’t work for a prolonged period of time, you could be waving goodbye to Spotify, Netflix, Disney Plus, Amazon Prime, any treats on your weekly food shop - the list goes on.


These days, the amount of outgoings we can have seem endless, and if the unexpected were to happen and you couldn’t work anymore, any little luxuries that you have could need to be cut. An income protection policy could elevate the severity of these cuts.

One last thing

Did you know that most of the UK’s leading life insurance providers offer free additional benefits** when you take out cover with them? We aren’t talking about any old benefits either.

Depending on which insurer you choose, here is an example of some of the benefits you could have access to, just to name a few:

• 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 this benefit in your back pocket can be an absolute game changer if you need to speak to a doctor ASAP
• 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 and goals
• Fitness plans - a professional team of sports coaches can create tailored four or eight-week plans, designed to help you reach your goals
  
  

If you’ve made it this far

At Caspian, our priority is you.



We work with the UK’s top life insurance providers, so that we can find the policy that’s most suited to you. When you choose Caspian, you’re also choosing ongoing support from our award-winning customer care team, trust support, and claims team.


What are you waiting for? Kickstart your life insurance journey today, and click the button below to get started with your free quote! 



* Correct as of May 2023

**Benefits are not contractual and could be removed or amended at any time