Work in Sales? 

Have you got Income Protection or say goodbye to the fancier things in life?

Working in sales may have left you with a lifestyle that you don’t want to give up: eating out, new clothes every week, weekend breaks, exotic holidays and your favourite coffee combination on your way into work.

A fast pace of the sales environment will keep you continuously on the go but have you stopped to think what would happen if you’re signed off work because of illness or injury?

Why Does a Sales Professional Need Income Protection?

You may think “I’m not going to get ill” or “Why would I get injured” but 63% of sales professionals struggle with mental health. As more sales professionals experience burnout due to working in high pressure environments and long hours, they may end up being signed off for stress or another mental health related issue.

Any injuries don’t need to be workplace related, you could be a frequent gym-er or play for an evening or weekend sports team and end up with an injury that can result in you not being able to work or unable to travel to work.

If you’re a frequent road tripper, your chances of being in an accident will be significantly higher than someone who may be office or home based.

These are all factors that can result in you being unable to work and your employer may be a high rewarder when it comes to target related performance. However, they may not be so generous when it comes to you needing time off. If your company only offer you statutory sick pay, you will get £109.40 a week for up to 28 weeks.

That’s roughly around £437.60 a month – this is probably nowhere near your basic salary and maybe not even how much your usual monthly bonus is.

Other benefits that may be available with your income protection policy:

 Some insurers offer benefits with their protection policies and some examples could be some of the following. Benefits vary between insurers so you will need to double check what each insurer will be offering:

Rehabilitation services

Some income protection policies may offer rehabilitation services such as physiotherapy, occupational therapy and counselling. Additionally, services that can help you recover from your illness and injury quickly.

Mental health support

From counselling sessions to wellbeing support and activities, mental health support can help you get back to work and support you in the future. Something that may be very useful if you happen to be signed off work due to mental health.

Waiver of premiums

The insurer will waive the premiums whilst you’re claiming on your policy. Helping to keep your monthly costs down whilst you’re unable to work.

Second medical opinion

One of the benefits of some insurers is free second medical opinions from specialists. If you need a second opinion on a medical condition, you will have access to doctors who will be able to assess your diagnosis and provide recommendations for treatment.

How much does income protection cost?

The cost of income protection will depend on a number of factors:

• Age
• The monthly income that you’re looking to insure
• Deferred period*
• Smoker status
• Health issues
• Occupation details
• How long the cover will run for

*The deferred period is the waiting period before you receive your first payment after you make a claim. Options can be but not limited to 1 day, 4 weeks, 3 months, 12 months.

Financial protection policies typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

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