In the last year more than one in ten people (11%) had to take a whole month’s unplanned leave from work due to an injury from an accident – for example a broken bone – according to new research from protection and employee benefits provider, MetLife UK.
A quarter (24%) had to take between one and three weeks off. With the latest Government figures reporting over 500,000 people were injured at work last year1 – this could leave potentially thousands of people facing a loss of income.
Over one fifth of respondents (22%) said they were not paid by their employer during these periods of unplanned leave. One in five (20%) were paid for part of their time off, but later received only reduced payment, while 15% were only paid for a short period of time while they were unable to work.
Unsurprisingly then, 13% of people would rely heavily on their savings in the event of an accident or injury, with 11% having to cut back on their shopping and spending to keep up with bills and ongoing costs.
MetLife UK’s research also asked respondents to think about additional financial support under these circumstances. 9% said they would need to rely on their credit card or overdraft to get by, with the same proportion having to borrow money from their parents. 8% said they would have to rely on their partner being able to work overtime and the same admitted they would have no option but to miss bill payments during this time.
Despite this, just 7% have Accident and Sickness Cover which supports those recovering from injuries or accidents, and 6% have Income Protection which replaces part of a person’s income if they are unable to work due to illness or an accident.
Indeed, separate research from MetLife UK revealed that 35% of advisers who recommend protection products to clients said they are only interested in financial protection once it’s too late and an accident has already happened. And a quarter (25%) of advisers said their clients do not understand the difference in financial protection offerings2.
Simplifying the protection process for both adviser and consumer audiences, MetLife UK’s EverydayProtect offering provides financial support and peace of mind in cases of accident or injury, from just £10 a month, with varying units of cover available to purchase depending on the individual’s specific lifestyle and needs.
Rich Horner, Head of Individual Protection at MetLife UK commented: “Accidents happen and they’re common, but our research shows us that we’re not always prepared for when it happens. Although it’s hugely positive that 62% of people have a form of financial protection i.e. life insurance, people aren’t protecting their lives for the now, for today’s moments. For example, if they have a fall and break a bone, or hurt themselves playing sport or simply having an accident whilst taking their child to the park. We want people to feel confident to live their lives for the now and say yes to the everyday without the financial stress and worry should they have an accident.
“At MetLife, we’re committed to supporting people for when disaster strikes and those impacted can fully focus on making a swift recovery. That’s why we offer EverydayProtect, which provides affordable financial support 24/7 worldwide and covers a range of injuries from broken bones to those that could have a significant impact on people’s lives.”
