Almost 5 million people who rent their homes in the UK are at risk of being unable to pay their rent if they become too ill to work.

Research conducted by YouGov has found that 27% of renters in paid employment said that they knew someone who had struggled in this situation. More than 1 in 3 admitted that they did not know how long they could survive if they were in the same situation.

Unfortunately, renters who find themselves in this unbearable state of affairs and assume that benefits will be there for them when they really need it, could find that reality paints a much worse picture for them. Cuts to housing benefit have been well publicised and the realism is that more people would not get their rent paid in full if their income ceased unexpectedly.

Isn’t it bad enough to be taken ill in the first place, without the additional worry of getting behind with the rent and facing possible eviction as a result?

Income protection could help. Why leave it to chance?

If illness or injury happened to you, how would you pay the bills? You might be able to get sick pay from your employer or from the state, but you might find that this is only a short-term solution, to what turns out to be a long-term problem.

For 2015/2016, statutory sick pay is only £88.45 per week and is paid for up to 28 weeks.

Income protection pays out a tax-free monthly income if you get ill or injured and can’t work – plus many policies give more than just financial support (at no extra cost).

Income protection can be more affordable than people realise and could be a life saver that allows you to concentrate on getting well enough to work again.

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 a serious illness or injury, according to The Money Advice Service.

Income protection insurance is a type of policy to help you if you can’t work due to illness or injury. Income protection could;

• Replace part of your income if you can’t work due to illness or injury
• Pay out until you start working again – to help cover your rent
• Provide additional support to help with your recovery – such as counselling, physiotherapy or complimentary therapies

With income protection insurance, The Money Advice Service says that everything depends on getting the right policy – so it’s best to get advice from an independent broker.

It isn’t the same as critical illness insurance, which pays out a one-off lump sum if you have a specific illness.

Do you need it?

One million workers a year find themselves unable to work due to a serious illness or injury.

It doesn’t matter whether or not you have children or other dependents – if illness means you couldn’t pay the bills, The Money Advice Service say you should consider income protection insurance.

How much does it cost?

How much you pay each month will depend on the policy and your circumstances. As an independent broker, at Essential Insurance we will take the time to understand your situation and needs before making any recommendations. The cost of your policy will be based on a number of factors, including your;

• Age
• Health
• Lifestyle
• Job
• Income and what percentage you’d like to cover

For a no obligation discussion to see if income protection could help you, our experienced advisors can be contacted on 0800 612 8005 or you can visit our website.