Mortgage & Protection Blog

  • Home /
  • Mortgage & Protection Blog

Expect the unexpected

Alan Waddington

Guest Blog Writer: Alan Waddington, Distribution Director at Cirencester Friendly

1 May 2024
We live in a world that has never been so safety-conscious. Millions of pounds are spent every year on improving safety, whether that be in the home, at work or on transportation. Just last month, the government announced they would be spending £38 million on creating safer roads in England. While investments like this have undoubtedly made life safer, with thankfully far fewer fatalities at work and on the roads, it is impossible to prevent every accident.

The Health and Safety Executive reported that in 2022/3 there were more than half a million non-fatal accidents at work, caused by things like slips, trips and falls or handling or lifting equipment. While most of these are likely to be minor incidents, causing short-term harm, last year, 124,000 people had to take more than 7 days off work due to a workplace accident. 

When you also consider all accidents that happen outside of work; around the house, playing sport or even walking the dog, there are thousands of people who suffer unexpected injuries every day. A significant proportion of these may have to take time out to recover, unable to work. While some will be lucky and receive enhanced sick pay, others will have to manage on statutory sick pay or be entitled to nothing at all.

Looking at Cirencester Friendly’s claims for 2023, accidents were the most common reasons for Members to make a claim. They accounted for almost a third (32%) of all claims. For men, they were even more common, with four in 10 claims being due to an accident. 

However hard we try to keep safe; injuries are part of being human and can happen to anyone, at any time. They can result from the most innocuous situations, such as tripping over toys left on the floor by your children or simply slipping off a kerb or down a couple of steps.

Just one of these everyday accidents happened to me in the run-up to Christmas. Keen to celebrate the festive period, I was a little too vigorous with my moves on the dance floor and ruptured my Achilles tendon.

This painful injury meant I needed an urgent operation, followed by a period of hospitalisation and at week at home to recover. Due to the nature of my job, I was able to return to work remotely after that. However, those who have more physically demanding roles, such as builders, plumbers, shop assistants or teachers would not have been so lucky. Such a debilitating injury would have meant a prolonged period off work, causing more to worry about than recovering to full fitness.

Two thirds of workers in the UK don’t work at a desk. For them, the workplace is on the road, on the shop floor, in the classroom or moving around in many other different types of location. They need to be physically fit. While suffering an injury is not good news for anyone, for these people it can be life changing in more ways than one.

While some of these deskless workers will be supported by their employer, many will have no safety net to fall back on. Without sick pay or self-employment benefits, immediate financial strain could easily arise, challenging their ability to cover bills and essential expenses. 

Millions of people live pay cheque to pay cheque. One in six adults in the UK have no savings at all, equating to 8.7 million people . If any of these were unable to work for even a week, they risk falling into serious financial difficulties.

Many have the assumption that they will be paid when sick, but few know that terms of their employer’s sick pay policy. An estimated 8 million people only have access to a below-subsistence level of £1.10 an hour sick pay in the first week of absence and £3 an hour after that . This clearly falls far short of what’s required, and the process of claiming universal credit or borrowing comes with its difficulties, especially with the level of current interest rates.

For the 4.3 million who are self-employed in the UK , with only themselves to rely on, a ruptured Achilles tendon or any other serious injury could spell disaster. Being unable to work not only means a loss of income in the short term, but it can also mean future opportunities can be potentially missed, impacting long-term earnings prospects. 

The clear solution is income protection, a crucial safeguard beyond life cover and critical illness policies, a vital safety net for just these situations to make sure essential bills are covered and physical pain doesn’t turn into financial pain too. 

Of course, working for Cirencester Friendly, means I have a generous sick pay scheme, as well as my own income protection cover, which I didn’t have to claim on, this time.  Unfortunately, millions of UK workers are not so lucky.

This scenario is not unusual or out of the ordinary. It could happen to anyone at any time, no matter their state of health or fitness. We often think cover like income protection is there for when serious health problems occur, such as cancer or a stroke. While it can be life-changing in these circumstances, my story serves as a reminder it is there for the mundane too - cover that anyone might need.

Painting a realistic picture of potential financial risks in the face of unexpected health issues is crucial. We need to work together more effectively with our adviser partners to get this message across. Making it personal, sharing experiences like mine and our claims stats show accidents do and will happen and that it pays to expect the unexpected. Leaving clients to rely on luck in such situations is not the sensible or ethical thing to do.


[1] Savings statistics 2024: Average savings in the UK (finder.com)
[2] Charities and experts call for overhaul of UK’s ‘broken’ sick pay system | Pay | The Guardian
[3] UK self-employment figures 2024 | Statista

28 November 2024

Suppressing landlord activity won’t automatically improve first-time buyer prospects


25 November 2024

The Co-operative Bank for Intermediaries, streamlining processes and expanding product ranges


21 November 2024

Better off dead? The need for critical illness cover


18 November 2024

What the OBR’s five year forecasts mean for the market


25 October 2024

Advisers should rethink their regulatory status to keep up with sector changes


16 October 2024

Your Business Matters


7 October 2024

What may impact BTL and Resi markets in 2025?


1 October 2024

Why Gen Z could be the perfect match for protection


30 September 2024

Self-employed mortgages can be easy, if you choose the right lender


26 September 2024

Lenders and regulators must be careful not to add to adviser disillusion


19 September 2024

There may be trouble ahead…


2 September 2024

Source Go: The Modern Answer to the GI Question


29 August 2024

Pre- and post-mini Budget remortgagors need guidance in transformed market


23 August 2024

Guardian's 2023 claims report: a milestone worth celebrating


14 August 2024

Rate cuts are a positive story for advisers


1 August 2024

The mortgage market is set for a teeming H2


29 July 2024

Aldermore are backing more of your clients to go for it


22 July 2024

YOU SAID, WE DID!


12 July 2024

A surge of optimism for the market


3 July 2024

Consumer Duty one year on – what might happen next?


24 June 2024

How to increase your protection business


17 June 2024

Consumer Duty will mark new era of continuously changing advice


6 June 2024

Mental Health Matters: Workplace Wellbeing


21 May 2024

Advise or refer? Ensuring the best possible outcomes for your clients


15 May 2024

Darlington Criteria Updates


14 May 2024

And The Wait Goes On


10 May 2024

Cap on broker fees sparks industry debate


1 May 2024

Expect the unexpected


15 April 2024

Ready, set, remortgage!


12 April 2024

How the mortgage market is failing new arrivals to the UK


11 April 2024

A compliance refresh will lighten unavoidable market stress


4 April 2024

What is driving the Specialist Residential and Buy-to-Let markets this year?


4 April 2024

A Government that prioritises owner occupiers at the expense of the PRS


28 March 2024

What is your website for?


19 March 2024

Exploring the value of value added benefits


4 March 2024

Artificial intelligence – friend or foe to advisers?


9 February 2024

Trust your own gut when listening to market predictions


8 January 2024

The Name's Bond...


21 December 2023

PTs remain a big part of the marketplace


21 December 2023

Not all wine and roses but outlook is better


15 December 2023

Artificial Intelligence: A vision for the future


12 December 2023

Reflecting on 2023


11 December 2023

Mental Health Matters: Menopause


8 December 2023

Looking ahead: Reasons to be cheerful about the market in 2023


17 November 2023

Why TikTok could be a winning tactic for brokers


30 October 2023

How advisers can improve the quality metrics with insurers


27 October 2023

The Aggregator Market - Friend or Foe?


25 October 2023

Don’t let Charter support remove advice from the mortgage process


3 October 2023

How to strengthen your defences against cyber threats


29 September 2023

White Dragon Communications


8 September 2023

Advisers deserve recognition for keeping borrowers on lender books


8 September 2023

Claims history of an insurance should form core part of assessing true value of insurance and advic


4 August 2023

The blasé attitude towards sudden mortgage withdrawals is not good enough


10 July 2023

The argument for higher proc fees for better quality business is undeniable


22 June 2023

Product withdrawal timescales and how brokers can adapt


1 June 2023

We're not in mini-Budget territory yet!


24 May 2023

Skipton’s 100 per cent mortgage should be replicated, not feared


30 April 2023

Protection And Mortgage Fair Value Assessments – What Is My Actual Responsibility?


6 April 2023

Lenders will compete on mortgage rates, but don’t expect a price war


27 March 2023

Vulnerable Customers and Economic Abuse


10 March 2023

Tell borrowers to stop waiting for mortgage rates to fall


7 March 2023

Mixed messages from Bank of England boss ahead of MPC meeting


6 March 2023

Take the Consumer Duty seriously when it comes to protection


17 February 2023

Mortgage Market Update


10 February 2023

Let’s not be hasty and write off this year’s property purchase appetite


6 February 2023

Implementing Consumer Duty


9 January 2023

Why it’s so important you tell us about your vulnerable customers


5 January 2023

Why advisers are so vital in the mortgage market


Paradigm

THIS SITE IS FOR PROFESSIONAL INTERMEDIARY USE ONLY AND NOT FOR USE BY THE GENERAL PUBLIC.

APCC MemberConsumer Duty Alliance

Paradigm Consulting is a Member of the Association of Professional Compliance Consultants and also the Consumer Duty Alliance.

Paradigm Consulting is a trading name of Paradigm Partners Ltd
Office address: Paradigm Partners Ltd, Paradigm House, Brooke Court, Wilmslow, Cheshire, SK9 3ND
Paradigm Partners Ltd is registered in England and Wales. No.09902499. Registered Office: As above

Paradigm Mortgage Services LLP
Office address: 1310 Solihull Parkway, Birmingham Business Park, Birmingham B37 7YB
Registered in England and Wales. Company No: OC323403. Registered Office: Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND
Paradigm Mortgage Services LLP is a Limited Liability Partnership.

Paradigm Protect is a trading name of Paradigm Mortgage Services LLP
Office address: 1310 Solihull Parkway, Birmingham Business Park, Birmingham B37 7YB
Paradigm Mortgage Services LLP is registered in England and Wales. Company No: OC323403. Registered Office: Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND
Paradigm Mortgage Services LLP is a Limited Liability Partnership.