08 Nov Should you consider Personal Sick Pay?

With the winter cold and flu season just around the corner – if it isn’t here already! – and the threat of more Covid-19 related restrictions, is a Personal Sick Pay policy right for you?

Those employed in trades such as constructions workers, tradespeople and of course, nurses are left to worry about what should happen financially if they can’t work and traditionally and more recently may have struggled due to not being able to work from home.

Personal Sick Pay is an income based insurance protection which can offer a range of benefits including:

£1000 benefit guarantee
Up to £1000 per month cover for the first two years of a claim, as long as the individual usually works more than 30 hours per week and, three months prior to the claim were receiving a salary.

Back to work support
Improving wellness and morale and helping individuals get back to work sooner. If a claim is paid, the insurance provider may offer return to work services such as physio, counselling and other services.

Other services can include Doctor Services, including Remote GP and Prescription Services as well as Second Option using video or face to face consultations, remote physiotherapy, remote psychological services and health checks.

For their specialist income protection offering, LV= has reintroduced the ‘day 1 and 1 week’ waiting periods – these were withdrawn in March 2020 as a response to the pandemic and potential economic fallout. Those that apply will typically receive a pay out sooner during a period of day 1 to 1 week.

LV= Protection Director, Debbie Kennedy said:

“As we monitor the ever-changing situation and impacts of COVID-19 we must keep challenging everything we do. I’m delighted that we’re taking this first step. Through our pragmatic and targeted approach to reintroducing these short waiting period options, we’re able to offer more access and choice for advisers.  I think advisers and customers will seek out providers who are prepared to be flexible and take into account the individual circumstances.”

If you are interested in Personal Sick Pay Protection, other Income Protection Insurance or products, please get in touch with our highly skilled insurance team on 01536 411 144