Finance Guide

A building society recently revealed the average Briton’s savings would last just 52 days if they were unable to work. 17% believe that due to illness at some stage in their future, they or their partner may not be able to work for a period of up to 6 months.

47% of people questioned during the survey confirmed they have life cover yet only 10% confirmed they have a Payment Protection policy in place to protect their finances!

Furthermore, a recent YouGov survey showed one in five people would consider cancelling their Payment Protection Insurance if their finances were threatened.

The current climate in the UK leaves concern for employment security. Most will acknowledge that Income Protection or Sickness Insurance \ Unemployment Insurance will go some way to help relieve any financial pressure that may accompany redundancy.

It is however, important that you know all of your entitlements and what you could expect to receive from the state or your employer to help you calculate the level of benefit you would require from any policy you may start.

Sickness insurance (or Accident, Sickness and Unemployment as it is sometimes known) could cover a portion of your income for up to 12 months if you were unable to work due to sickness or injury.