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Could you survive financially if you fell ill?

New Unum app helps you work out protection needs

Income protection padlocked wallet

An income protection insurance policy could help you survive financially if you’re off work for a long period due to sickness or accident

Income protection provider Unum has launched a new app which enables users to calculate how long they’d be able to survive financially if they were unable to work due to illness or injury.

Nine out of 10 people don’t have a back-up plan to support themselves if they lose their income due to illness or injury. Many will rely on credit cards, loans or support from family or friends and could benefit instead from buying an income protection insurance policy.

How the income calculator works

The online Facebook-based app uses average benefits and household expenses figures and asks for a few key personal facts and figures to provide a rough calculation of how long people would be able to stay afloat financially if they lost their income.

Which? protection expert Martyn Saville commented: ‘This app really brings home just how quickly savings can be used up if you can’t work for a sustained period of time. For example, if you have £3,000 in a savings account, pay rent or mortgage of £800 a month and have average household expenses each month, your money would last just one month, even after factoring in state benefits.

‘In the current economic climate of rising prices and reducing state benefits, it’s very difficult to build up a sufficient nest egg to see you through a prolonged period of illness or recuperation after an accident. Protection products such as short-term income protection and standard income protection policies could help see you through, avoiding the spectre of major debt.’

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