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Statutory Sick Pay vs Income Protection:

A concept of mental health with a blurred face and a checkered clothIntroduction:

Getting sick or injured is never fun, but it can be even worse if you lose your income because of it. If you work in the UK, you may have heard of Statutory Sick Pay (SSP) and income protection, but do you know the difference between them? 

The image shows a yellow sticky note with the words “Statutory Sick Pay” handwritten in black ink.

 

Understanding Statutory Sick Pay (SSP):

SSP is a legal requirement that your employer has to pay you if you are too ill or injured to work. It’s £109.40 per week for up to 28 weeks, as long as you meet some criteria. But is that enough to cover your bills and expenses? 

Gold coins stacked under a red umbrella held by a hand, representing the idea of income protection

 

The Benefits of Income Protection (IP):

Income protection is a type of insurance that you can buy to protect your income if you can’t work due to sickness or injury. It pays you a regular income, usually 50-70% of what you earn, until you recover or reach the end of the policy term. You can choose how much cover you want, how soon it starts paying out, and how long it lasts. You can also claim on it as many times as you need to. 

Family sitting closely together, holding a white sheet above their heads symbolising a roof, against a yellow background with the text “It’s all about keeping a roof over your head” and “Security” displayed.

 

Why income protection is better than SSP:

  • It gives you more money and more security. You don’t have to worry about running out of money or getting into debt. You can maintain your lifestyle and focus on your health. 
  • It covers anyone who earns an income, not just employees. Whether you are self-employed, a contractor, a freelancer, or a part-time worker, you can get income protection. 
  • It lasts longer than 28 weeks. You can set the policy term to match your retirement age, so you don’t have to worry about losing your income protection when you need it most. 
  • It’s cheaper than you think.  You can shop around and compare different providers and policies to find the best deal for you. You can also use online tools and calculators to get a quote and see how much it would cost you. 

A large, bold, red text ‘CONCLUSION’ is displayed across a white, textured surface plastered on a dark brick wall.

Conclusion 

Income protection is a smart investment for your income and your future. Don’t let sickness or injury stop you from achieving your goals and dreams.

If you are interested in finding out more to get the best income protection insurance cover, please contact us today. West Wales Money are happy to help you as we will compare the market from more than 40 protection companies to get you the best quote.  Get income protection today and secure your tomorrow. 

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