- Flickr: Workers on Bridge
If you become sick while your working you're still entitled to statutory sick pay from the government. Sick pay covers various illnesses, from work related to long term illness. However, statutory sick pay only lasts for around six month and normally pays around £102 per week. For some employees this amount simply isn't enough to sustain their lifestyle. However, sick pay insurance can be obtained as a form of permanent health insurance to cover the cost of sickness while working and protect your income.
Unlike statutory sick pay, sick pay insurance can cover a variety of illnesses with flexible periods. With permanent health care insurance which offers sick pay as part of the policy you could be covered for:
- Short term illness
- Work related illness
- Industrial disease
- Mental illness
- Heart disease or cancer
What you're actually covered for depends on the type of policy you take out. Sick pay insurance costs also vary depending on the provider, or because of your personal circumstances. Previous illnesses or previous sick days at work could affect the premium you pay or the type of cover you receive.
Rather than providing you with a limited income should you become sick, sick pay insurance can actually match your income from your employer. In some cases the insurance may cover you if you lose your statutory sick pay for any reason, providing you still cannot work in your current condition. However, some insurers will set a limit on what percentage of your income they can insure. Sick pay insurance may leave you better off than statutory sick pay but it does not cover you indefinitely.