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January 2015 Newsletter – Don’t be Sick With Worry

January 28th, 2015 | No Comments | Posted in Monthly Newsletters

Don’t Be Sick with Worry
Research from a leading insurance provider has revealed that the average worker’s income drops by £430 a week if they are only provided with statutory sick pay by their employer. Out of all the employees surveyed by the insurer, 47% admitted that they would be reliant on their savings if they could not work and 10% said these precious reserves would only last until the end of the first week. Although 14% of those surveyed believed their savings would last a whole year, surprisingly only 10% held a form of protection policy. That lucky 10% would not even have to consider hitting their savings hard.
The report also showed that a surprisingly large proportion had already been affected by this scenario. 38% had experienced a loss of income due to illness, with 24% admitting they would not even receive any pay if absent from work for short periods. Understandably, the anxiety caused by lack of pay due to long term illness has caused many employees to hide illnesses from their employers, with 22% admitting that financial detriment was the cause of their concealment.
The report also concluded that 800,000 people across the country had hidden chronic illnesses, with a massive 5 million employees hiding less recognisable, but just as concerning, illness such as stress and depression. The reasons drawn from the survey showed 38% hid their illness due to concern their employer would look unfavourably upon them. But without the proper treatment or time to recover, these situations can become worse over time, leading to even longer term illnesses. Income Protection not only delivers peace of mind, but leaves you in a financially secure position in the event of long term illness, relieving the worry of dipping into your savings.

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