Experiencing an illness or accident which is severe enough to prevent you working for a prolonged period is worrying in itself, without the financial implications of losing out on a regular income.

As such, the increase to the standard rate of Statutory Sick Pay (SSP) from £85.85 to £86.70 a week on Saturday 6th April is to be welcomed, however, many households would still struggle to cover the cost of their financial obligations on this amount in the absence of their usual salary. Ian Smart, Head of Product Development and Technical Support at Bright Grey said: “The average weekly expenditure for a family in the UK is estimated to be £484. Without the income of a primary breadwinner many could see costs spiralling out of control, even when factoring in other benefits they might be eligible for – particularly when you consider that SSP is only available for 28 weeks. Indeed, our research indicates that nearly 15 million working adults in the UK currently have no form of financial protection**, leaving both them and their loved ones dependent on the state for support.

“With the Government still making cuts to public spending it has never been more important for people to have some form of safety net in place to ensure real protection in the event of illness; despite this, only six percent of people consider buying insurance an immediate priority. It is unfortunate that the current system does not completely protect vulnerable people and therefore even more vital that people take the necessary steps to protect themselves.”