Friends Provident as part of their Welfare Reform research has found very few employers to be providing sick pay if employers are unable to work for 6 months or more.
With this Friends Provident surveyed may employees to find should they be off work due to long-term sickness, over a quarter of respondents either could not cope financially or do not know how they would survive, a further 20% would either have to dip into their savings or borrow money from friends or family.
Of the employees questioned only 31% had a form of critical illness insurance whether employee or employer funded, while a mere 29% had some form of income protection.
One of the more interesting statistics was that over 80% of respondents take out travel insurance when going abroad however 59% of these individuals feel they are more likely to suffer an illness or injury whilst at home in everyday life than whilst travelling abroad.
The research also found 81% take out travel insurance when they go abroad but nearly 59% of people believe they are more likely to suffer an injury or illness while in the UK than abroad.
Head of protection sales at Friends Provident, said: “”These statistics really are worrying. In a climate where people are already under financial strain, the last thing they need to worry about is how they could afford to keep a roof over their heads in the event they are unable to work due to an accident or illness.”
We can all do our bit to protect our lifestyle and our families, by taking out a form of protection insurance such as a critical illness or income protection , should something happen we would have the financial to continue living the lifestyle we are accustomed to and focus on getting better.
Whether you are looking to introduce a group insurance scheme such as critical illness or income protection or are simply looking for a plan for yourself then please do not hesitate to contact us.