What if the UK went into shutdown due to a virus breakout like that being suffered in China?
What if you could not work? What if you suffer another illness meaning you cannot work?
Would you cope financially? Would you be able to pay your mortgage or rent? Would you be able to even feed yourself?
Statutory sick pay (SSP) has only grown from £383.28 in 2016 to £408.42 per month today according to the Cirencester Friendly.
With average monthly pay in the UK now standing at £1,540pm this means that most people would suffer a shortfall of over £1,100 pm.
Only 17% of the working population has any sickness insurance or income protection insurance. Most of sickness insurance cover is actually provided by larger employer schemes. That said, the average sick pay from an employer has fallen from 15.7 weeks to just 4.5 weeks pay. Most smaller employers offer no sickness insurance cover at all.
It is estimated that the average emergency savings we have would last only 2 months and more than 25% of people have no savings at all to fall back on.
CHECK IF YOU HAVE SICKNESS INSURANCE AT WORK.
CONSIDER SETTING UP A SICKNESS INSURANCE SCHEME FOR A FEW POUNDS A MONTH, CONTACT US.