Your ability to earn a living is perhaps the greatest asset you possess - it makes good sense to protect it.
In the UK:
- more than 2 million people of working age have been off work for 6 months or more*;
- - the chance of being off work for more than 6 months is around 1 in 7**
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Fortunately, a Long Term Disability Insurance Policy (also known as Permanent Health Insurance - PHI) can safeguard against lost earnings if an individual suffers from an illness or injury and is unable to work.This provides financial security by providing you with a replacement income if you are too ill to work for a certain length of time.
To just rely on an income from the state to pay your bills would probably leave most people short changed. So anyone who does not get paid by their employer indefinitely when they are off sick from work should consider a PHI policy. This is because the benefits provided by the state for statutory sick pay and furthermore incapacity benefits are not sufficient for most people to maintain their current standard of living. The need for Insurance is not merely limited to those people who are employed. You can argue that there is a greater need for Self-employed people to have a policy in place as if they do not work they will not have an income from day one. This makes the need for private insurance provision much greater in order to maintain your lifestyle.
To ensure that you are advised correctly please contact us.
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