No one likes to think that something bad will happen to them. But each year close to a million people find themselves unable to work due to serious illness or injury.

If you couldn’t work due to a serious illness, how would you manage? Do you think that you could survive on savings, or on sick pay from work?

Statistics show that we are unaware of the true value of Statutory Sick Pay (SSP) – with three out of four employees overestimating the amount according to research from Legal & General.

Most of us think that SSP is around £143.20 per week, which is 62% more than the actual amount.

In fact, only one in four employees surveyed realised that SSP is currently less than £100 per week.

SSP is currently £88.45 a week and will be paid by your employer for up to 28 weeks if you are entitled – could this amount provide for your family if you were unable to work due to illness?

If you are lucky, your employer may pay out more than the statutory minimum, of course they don’t have to and not all of us are in such a good position. You will be able to find details of your company sick pay entitlement in your written statement of employment, which you should receive within a couple of months of starting work.

If SSP is lower than your usual salary, you may want to consider income protection insurance or critical illness cover to protect your dependents if you are unable to work due to illness or accident.

The research was part of Legal & General's Working Lives research, which surveyed 2000 full-time employees and 200 Managing Directors or HR Managers from a range of different sized companies.

Martin Noone, Managing Director, Legal & General Workplace Health and Protection, said: "It cannot be overestimated how much of an effect being off work with a long-term illness or injury can have on someone's finances, so for less than a quarter of employees to know the actual value of Statutory Sick Pay is concerning."

According to the ABI, one million workers a year find themselves unable to work due to serious illness of injury so - even if you don’t have dependents – if illness would mean you couldn’t pay the bills, maybe you should consider insurance.

Income protection or critical illness insurance is generally cheaper than most people think and in the majority of cases, some cover is better than none at all – after all, based on the facts, it seems we cannot expect the Government to replace our income if something does go wrong.

There are a number of different types of insurance products which you might consider, depending on your own circumstances, for example;

Income protection insurance can provide you with support if you find yourself unable to work.

Critical illness cover will support you if you are diagnosed with a specific type of serious illness.

For more information, why not speak to one of our advisors today? When considering income protection insurance, it is important you get the right policy for your needs and we could give you the advice you need to find the right policy for your circumstances.

Contact us on 0800 612 8005 or visit our website.