None of us can plan when we're going to be ill, for how long, or the impact it may have on our finances. In 2020 the average length of income protection claim at The Exeter was 53 weeks, with our longest claim being paid since 19971.
In short, the risk of illness or injury impacting our finances is all too real, especially for those without access to employer sick pay.
Financial commitments don’t stop
Just because your client's ability to work stops, their financial commitments don’t. How would your clients manage if their income was reduced due to illness or injury? Do they have a realistic financial “Plan B”? If not, then it's time to talk about income protection.
Picture a client who takes home £2,300 a month with monthly expenses (including rent/mortgage and bills) of £1,750. They also receive three months of full pay from their employer if they are sick and have savings of £2,000.
Despite a relatively healthy financial outlook (money left over each month and personal savings) if they couldn't work due to illness or injury debt could quickly build. If their expenses remained the same, their accumulated debt after any company sick pay ends could reach £14,000 within 12 months.
Make income protection personal
Our income risk calculator is an easy-to-use tool that highlights the risks that illness or injury can have on your clients’ finances if they are unable to work. It also shows how quickly debt could build up in the absence of income protection.
What's more, it allows you to download a personalised report for your client showing them the important role that income protection can play in keeping them financially healthy.
You matter more
Why not create an income risk report for yourself and see how easy it is to bring the value of income protection to life?
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