30-05-2013

Fit to work? Income protected?

Changes in the UK’s ESA Employment Support Allowance mean you now have to complete a 53 page application form, go for a medical and you may need to complete a work capability assessment to prove you are unable to work.  This isn’t just working in your job, if you are a nurse, builder, driver etc and the government deems you could do a desk job then its jobseekers allowance for you!

ESA pays £71.70, for over 25’s for 3 months then once you have undergone your medical and proved you are incapable of working it rises to a whopping £100.15 per week.  That’s £433.98 a month.  About the same as the Fox Davidson monthly wine bill.

Everyone should have some sort of back-up plan in place because if you are sick or have an accident, you don’t want to have to go through the stress of ESA.  We can provide a wide range of income protection cover.  Paying you an income of up to 65% of your taxable income and you can claim from as little as having 3 days off of work due to illness or injury.

It’s not like critical illness cover.  It pays out for minor illnesses too.  Basically anything you could be off work with.  Norovirus, stress, hernia, slipped discs, migraines, ear infections, sprained ankles, whiplash, leg fractures…..the list goes on!

It’s cheap too.

Exeter Friendly for example have a policy which would pay a 30 year old office worker £1,000 per month after they have been sick for one month.  How much does this cost?  £15.23 a month. (based on a 4 week deferred policy finishing between ages 50-60.

A more manual worker such as a builder, nurse etc. could have the same £1,000 per month for a premium of £30.77 per month.  (based on a 4 week deferred period with a maximum pay out per claim of 2 years)

Try this……Make a list of your outgoings and what would have to be cancelled if you were off work long term sick.   Sat sick on the sofa all day with no Sky TV?  Argghh!

We’ve been keeping an eye in the press on this subject recently and here are just a few headlines:

Double heart and lung transplant patient dies nine days after benefits cut (Mirror 25/05/2013)

Betrayal of our wounded veterans ‘I served my country then they turned their backs’ (Independent 27/05/2013)

Pregnant Skegness woman forced to live on food parcel after benefits stopped (Skegness Standard 29/05/2013)

The type and level of cover available is dependent upon individual circumstances, please speak to FD Protect, Bristol Insurance Brokers for more information.