The consequences of lost income can be quick and severe. Cadence Finance advises on the cover needed to maintain financial security.
What is the likelihood?
Did you know? There are 2.48 million working age claimants of employment, support and incapacity benefits, (Dec 2013, DWP)
Did you know? Workplace illness costs society 8.4 billion and injury 5.4 billion. 220,000 injuries result in over 8 days off work. There were 500,000 cases of illness recorded in 2011. 222,000 were stress related, (Government HSE, 2011)
Cadence Finance can help you prepare for a life changing event.
What is the impact?
My employer will help
More than three-quarters of all UK employers do not provide life insurance, income protection or critical illness cover, (Swiss Re Global Insurance Company)
State will help
£86.70 a week or £375.70 month. Is this enough to cover your outgoings? How long could you survive on this income.
We will manage?
Most families in the UK will not. Net income £2,108, expenditure £1,748, unsecured debt £12,834, (Aviva 2013). The average UK family savings are £1,678 (ING). This means the average person on statutory sick pay will be £10,000 in debt after 28wks.
Did you know? 6 out of 10 families are falling behind with their mortgage or rent, (YouGov Shelter Sept 2013)
Did you know? The leading income protection providers not only offer the financial support that you need, but can also offer emotional and practical support to help you get back to work sooner.
What is important to UK households?
Below suggests insurance disparity between what we insure and our priorities. Further research suggests our insurance spend is inconsistent with what we consider most significant in life.