Income Protection Insurance - Company Support

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Although the state does offer support if you happen to fall ill or suffer from an injury, it is often minimal. UK law requires all employers to pay statutory sick pay (SSP) for up to 28 weeks, but it is likely this amount will be a lot less than your annual income. Once that period has come to an end you have to claim for state incapacity benefit for which you must undergo a test for eligibility. Some employers, as part of a benefit package, may arrange group income protection insurance for staff members, where an income will continue to be paid after the statutory sick period.

Self-employed people will not receive any employer benefits or statutory sick pay and have no choice but to apply for incapacity benefit. Income protection insurance, unlike state handouts, is designed to protect your standard of living during a period of long term illness.

Remember, the amount available from the state when applying for help will be a minimum amount to get you by.

Company support	Payment Protection Insurance
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How does it work?	Purchasing an income protection policy
Premium costs	Checking the small print
Benefit levels & illness exclusions