20% of UK workers ‘have no idea' how they would cope financially if ill health forced them to stop working for six months or more, according to recent Wealth and Protection Survey.

This means millions of us working in Britain are financially vulnerable, without a back-up plan to deal with the financial impact of long-term illness. The survey also revealed;

• 44% said that they planned to live off their savings if they couldn't work
• But only 25% of those surveyed said they had enough in savings to cover their monthly outgoings for more than six months
• 25% said they would use state benefits or rely on their partner's income
• 10% would ask their parents for help

Research published by Zurich shows that only 1 in 5 UK respondents to a global survey have income protection cover in the event of becoming too ill or disabled to work.

The self-employed seem most helpless if they were to suffer ill health - only 3% of sole traders surveyed had income protection cover in place.

This is despite the fact that as many as 42% have experienced income loss in their working lives due to serious illness.

The findings indicate that people still have an ‘It won’t happen to me’ attitude despite having suffered the consequences at first hand.

For a family, the impact of the main breadwinner not being able to work through illness or disability can be devastating with financial hardship resulting in the loss of the family home for those worst hit.

The majority of us only having enough savings to cover essential outgoings for a couple of months and state support in only pays just over £100 per week, so we need to think seriously about how we'd cope financially if we were to suffer a long-term illness or injury.

There are some great income protection products around that can counteract this risk and prevent hardship if illness does prevent long-term absence from work. For further advice, please contact us on 0800 612 8005.