If you are sick, or you get injured and you can't work, how long do you think your work will pay you to sit at home? 
 
The answer is usually in your contract of employment but it could surprise you... 
After your sick pay is up, do you know what your wage will go down to on Statutory Sick Pay (SSP)? 
 
Monthly - £385.40. Thats just £96.35 a week! 
 
What do you pay for mortgage/rent plus food and drink, credit card/loan/hp payments as well as your everyday living costs? 
 
I can guarantee it's much more than that. 
 
So where do you make up the extra money from? Your savings? 
 
How much do you have saved up? How long will that last and more importantly, what were your savings for and can you sacrifice that? 
 
Let's say your savings are £10,000. 
 
Your monthly costs of living including rent/mortgage are £1400. That gives you less than 10 months to get well, even with SSP. 
 
What if it's not long enough? What if it's a bit more serious than a broken arm? 
 
It's just not worth it, for a few pounds a month, you can be insured against this. You pay them a little every month and then if you are sick or injured, you will start to receive a good % of your normal wage to keep you afloat. If, however it's a really serious injury/sickness and you cannot go back to work, you can make sure you are still paid until you retire. 
 
For example; if you are 30, your monthly premiums are £30, will last until 67 and you get a monthly payout of £1500. 
 
If you never needed the policy, you would have paid £13,320 over 37 years. If, however, you needed to claim the next day and could never work again, you would have paid £30 and they would then pay you £666,000 over the next 37 years! 
 
It makes sense doesn't it? 
 
If you are self employed, this is even more essential as you do not even get SSP. 
 
Get in touch for a free review, let’s talk about your personal plan to stay on top please get in touch with me on 07500 871209 or email austyn@hdconsultants.net  
Tagged as: hospital, savings, sick pay, ssp, work
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