Employees do not understand the level of financial support they would be entitled to if they were unable to work due to sickness, new research has revealed.
The study from Canada Life found that many were unaware or confused about what employer and state benefits were available and for how long they would be paid out. One in five (19%) did not know how long the employer would pay their salary and almost a third (30%) thought this would not last beyond three months. It also found 12% thought that they would receive their full salary for the duration of their illness, while 10% had no idea how much they would receive. Unfortunately for the protection industry, people would be more likely to rely upon savings (41%), or the state (21%) tha...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes