Could You Cope?
How far would you get on £87.55 a week?
Unfortunately, you would soon find out if you became too ill to work. You might be surprised to find that Statutory Sick Pay is only £87.55 per week1. These days, that is just enough to fill up your average family car with petrol.
So, before you choose to rely on the State, it could pay to get all the facts:
- Statutory Sick Pay is only £87.55 per week and is only paid for 28 weeks
- Bereavement Payment is a one-off payment of £2,0002, but would that cover funeral costs?
- Widowed Parent's Allowance is a maximum of £111.203 per week - how much would that buy for your children?
- Employment and Support Allowance is a maximum of £108.15 per week4 for a single person - not nearly enough to cover the average household family spend £489 per week.5
Who would you trust with your children?
Bringing up children with two parents in a household is hard enough, but for single parents there is no-one to share the job. In the UK there are over 7.7 million families with dependent children5, so it is about making sure that that cover can be used to protect the children if the worst does happen.
With statistics like these, you need to make sure that you have the right Will, guardianship and trust arrangements in place so that children are looked after by the right people, and with the money that has been left for their wellbeing.
Remember that when you take out life cover, it is not your life that you are protecting; it is the lives of the ones you love.
Hands up who’s feeling undervalued? You probably are.
If you want to look after your family, it pays to put yourself first for a change. Over half of mothers in Britain do not have Life Assurance. Yet the cost of paying someone to carry out the many tasks they perform every day could be more than £30,0006 a year.
Even those mothers who go out to work, often come home and do chores worth £28,6647. So, how would your family cope financially if you were to die or become too ill to work?
More information on Home, Family and Income Protection can be found by clicking on the tab at the top of this page.
For information on other State benefits visit www.dwp.gov.uk/lifeevent/workage.
7 Figures taken from Bright Grey statistics 1 July – 31 December 2011
For insurance business we offer products from a choice of insurers.