Many homeowners don’t have income protection

Don’t rely on savings or sick pay

With income protection, you wouldn’t need to use savings if you were off work. Besides, 42% of working adults think their savings would only last them for up to a month⁽³⁾. Most salaried employees are entitled to £109.40 per week for up to 28 weeks in statutory sick pay, which may not be sufficient. Meanwhile, freelancers would not be eligible for any help from the state, making protection particularly vital for them.

The difference between the types of insurance

Even if you have critical illness insurance, income protection is strongly recommended. Critical illness policies usually only cover specific illnesses, while income protection can help if you are signed off sick due to any injury or illness. Life insurance, on the other hand, is there to help your loved ones in the event of your death. But income protection directly benefits you, regardless of whether you have loved ones to care for.

As with all insurance policies, conditions and exclusions will apply. 

¹ Royal London

² Risk Reality

³ Legal & General