The Chartered Insurance Institute has launched a report that explores the future of financial provision for those too ill to work. Building Resilient Households seeks to understand the factors affecting resilience to sickness absence and what can be done to help more families weather the effects of this in future.
It also calls for a government-led taskforce to be established, bringing together the Money Advice Service, employers, distributors, the Financial Conduct Authority, relevant charities, health providers and insurers -- ensuring that all opportunities are seized to alert people to the need to plan for contingencies such as sickness absence.
It also makes it very clear that current means-testing rules provide a positive disincentive to taking out private protection cover. One of the aims of the report, therefore, is to create a business case for the Department for Work and Pensions to amend the rules, providing more of an incentive to arranging financial protection and to pave the way for a move from welfare to self-care.
To view the full report visit: www.cii.co.uk/43674