Do you have a back-up plan?
It may or may not have escaped your attention but Britain is currently gripped by a financial crisis which is unprecedented for the majority of people across the UK. For a lot of families, this has placed greater emphasis on the control and management of family finances with a clear focus on looking to the future and being prepared for any storms that lurk across the horizon.
With instability in the job market it is widely accepted that we are no longer as secure in our employment as we may have thought pre 2008. With the emphasis on ‘saving for a rainy day’ and ‘you never know what’s around the corner’ it draws up a question. Should there be other areas of your family circumstances that you prepare for in case the ‘what’s round the corner’ rears its ugly head?
Let me throw a few of stats at you,
- More people insure their gadgets and pets than they do themselves
- Only 1 in 10 private sector workers have cover in place to protect their income if they become ill or injured
- On average, UK workers could survive on their savings for less than two months if they were unable to work
- Employees are 3x more likely to get long-term illness or injury than die during their working life.
- The state is not as generous as you would like to think in a situation of long term sick or illness. Many may receive less than £5,000 per year compared to the average salary of £26,000.
Shocking isn’t it?
Long term illness and injury has no link to the global financial crisis but it does pose an interesting question. Why do we not try and plan for the unexpected when it comes to illness and injury? We all like to think we will stay fighting fit and injury free until the day comes that we can sit back sipping a pina colada safe in the knowledge your working days are behind you, but the truth is far more worrying....
*Around 100,000 people suffer from MS in the UK
*There are about 275,000 heart attacks each year
*2.5 million people suffer from chronic back pain in the UK
*Parkinson’s effects about 8,000-10,000 new people in the UK each year
I have personally seen the affects a serious long term injury or illness can have on a individual and family, and without proper protection in place it can be a harsh lesson on the reason why having a back-up plan in place is so important.
If your an employer, why not make the first steps to make that decision for your employees and for yourself. Whilst a lot of employers offer private healthcare to the their staff when the NHS is also on hand, it seems strange that less employers have income protection available when the NHS would not be stepping in to pay the salary of a member of staff who is off work for a considerable amount of time.
Income Protection provider UNUM have launched a new campaign ‘Because everyone needs a back-up plan’ and you can have a look at some of the examples of people who have benefited from having a plan in place at the end of this article.
Maybe it’s about time you consider a back-up plan for your family or employees.
Contact Health Matters to see what plan would best suit you or your staff :
Freephone – 0800 988 0085
E-mail – email@example.com
James – a Copywriter diagnosed with Fibromyalgia
Having been diagnosed with Fibromyalgia, James was told by doctors that he’d ‘just have to cope’ with the symptoms he was suffering, including concentration difficulties, severe back pain and really low moods. Here he describes how Unum’s rehabilitation team were an invaluable part of helping him re-build his confidence and get his life back on track.
Mervyn - a Sales Representative with a spinal cord injury
As a self-employed sales representative, Mervyn took out an Income Protection policy to give him and his family a back-up plan if anything happened that meant he was unable to work. Having fallen from a tree and sustained a spinal cord injury, Mervyn describes how his Income Protection plan provided financial help many times over as complications of his injury emerged.
Claire - a Pharmacy Manager diagnosed with CFS
When Claire was diagnosed with Chronic Fatigue Syndrome (CFS) she was devastated that she’d have to leave her job of 12 years - a job she loved. But with financial and rehabilitation support from Unum, a caring employer and a heap of determination, Claire’s diagnosis of CFS hasn’t stopped her returning to the job she loved.