Life is unpredictable, and accidents can happen when you least expect them. A recent study by MetLife found that 11% of employees had to take at least one month of unplanned leave from work in the past year due to an injury from an accident. Despite this, only 6% of workers have income protection insurance, leaving many vulnerable to financial hardship during recovery.
The Financial Impact of Unplanned Leave
One in five injured employees receives no pay while recovering, and even those who do may only be compensated for part of their time off. This can leave you relying on savings to cover bills and ongoing costs, which can quickly be used up. Without a steady income, you might have to cut back on spending or even rely on credit cards, overdrafts, or borrowing from family just to get by. In some cases, the financial burden might fall on your partner, who may need to work overtime to cover the gap, or you could find yourself missing bill payments altogether. The stress of financial uncertainty can add to the difficulties of recovering from an injury, making a challenging time even harder.
Why Income Protection Matters
Income protection is designed to provide a safety net if you’re unable to work due to illness or injury. Instead of scrambling to make ends meet, you’ll receive a regular income to help cover your essential expenses. This means you can focus on your recovery without the added worry of how you’ll pay your bills.
Don’t Wait Until It’s Too Late
Accidents happen when we’re least prepared, but you can take steps now to protect your financial future. Securing income protection insurance allows you to live your life with confidence, knowing that you’re covered if the unexpected occurs. By planning ahead, you can say yes to adventures without the fear of financial stress if an accident happens.
To discuss the options available to you why not get in contact with one of our adviser's today.
Comments