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As a third of people find work their biggest cause of stress, experts suggest income protection

Published on 21/03/2013

With more than a third of people citing work as their biggest cause of stress, experts are advising workers to invest in income protection insurance for essential peace of mind.

More than a third of people find work the most stressful part of their lives

A new survey from the mental health charity Mind reveals that 34% of UK adults find their job to be the most stressful part of their life.

19% of those surveyed admitted to calling in sick because of stress, although 90% of these people used a different reason to explain their absence.

According to the survey, excessive workloads, insufficient support from managers and unrealistic targets were all common reasons behind workplace stress.

In addition, 9% had actually resigned from a position because of the condition. Meanwhile, 25% of workers had considered quitting their stressful job, but not got around to do doing so yet.

But stress is not just a condition in itself; it is also a trigger for a range of other health problems. The survey from Mind also found that 22% of adults had a diagnosed mental health problem, and 15% were on antidepressants.

Dr Richard Theo, of income protection comparison website, said: “Last year, 10.4 million working days were lost due to work-related stress.

“Whilst eligible workers will receive £85.85 a week Statutory Sick Pay for up to 28 weeks, people who suffer from stress may find themselves struggling financially if they need a lot of time out from work.

“Once your Statutory Sick Pay has stopped, you will need to rely on government benefits called ESA. ESA will pay out a maximum of £105.05 a week, or around £5,460 a year, which may not be enough to maintain your current lifestyle.”

Dr Theo recommends that workers invest in income protection, which is designed to replace up to 70% of gross salary if the policyholder cannot work because of an illness or injury. He said:

“With this type of insurance, you will receive your benefits until you are well enough to return to work or for a fixed term, which could be retirement age.”

However, Dr Theo does warn that an income protection policy will probably not cover pre-existing conditions, so it is best to compare quotes as a pre-emptive step for the future.

The survey, of 2,000 adults, also found that six in ten say they drink after a day's work and one in seven have an alcoholic drink during the day itself. Mind's chief executive, Paul Farmer, said:

"Work related mental health problems are an issue too important for businesses to ignore.”

© ActiveQuote Ltd. 2013

Categories:  Income ProtectionHealth
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