Do you care for your pet more than yourself?
The Protection gap (the difference between the level of cover held by individuals compared to the amount of cover they would need to be fully covered) in the UK is well known.
Research by Cirencester Friendly has found that of the 2019 people surveyed, only 7.3% had income protection insurance. The research also found that people are more than twice as likely to buy pet insurance than income protection insurance! Pets are of course important but if you can’t work and do not have any income, your pet will suffer as well as you – maybe priorities need to be re-evaluated?
Income Protection Insurance pays a regular tax-free income which replaces a portion of an individual’s income if they become unable to work due to injury or illness. This can be payable until State Pension age.
Although employment contracts will vary, an employee who is off work for between four days and 28 weeks due to health reasons is entitled to statutory Sick Pay (SSP), which currently amounts to just £94.25 per week. Additional State Benefits might be available if you are unable to work, although these are also often low and may not be sufficient to meet your needs.
If you are concerned that you are not adequately insured and wish to review your protection requirements, please telephone the office to arrange a mutually convenient appointment with one of our highly qualified advisers. They will be able to assess any existing cover you may already have and assess any potential protection shortfall to ensure that you and your family are adequately protected.