Standard Life reports £31.65 billion lost 'in sickness'

18 January 2007
Over five million Brits have lost income totalling £31.65 billion through illness or injury which impaired their ability to work, research from Standard Life has found.

The survey revealed that 34 per cent of Britons have been off work through illness or injury for over a week and as many as 58 per cent of those have been absent for a month or more.

The largest group, 26 per cent, said they had lost between £250 and £1,000 in wages due to absence from work, but five per cent had lost upwards of £40,000.

As many as 23 per cent of people had been forced to borrow from family and friends while 38 per cent admitted they had struggled to make ends meet during their period of absence.

Protection marketing manager Mick James believes that the figures make a strong case for taking out income protection insurance, which can "replace lost income" and supplement state incapacity benefit, which stretches to only £78.50 per week.

Income protection is broadly better regarded than payment protection insurance (PPI), which can be expensive and often lasts for only 12 months.

Income protection, by contrast, offers cover until employees recover or reach retirement age.

For more information about income protection, click here.

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