What is Income Protection Awareness Week?

Income Protection Awareness Week (IPAW) runs from 18 to 22 September 2023 – find out why it is important for dental professionals.

With only 6% of adults in the UK having income protection, the Income Protection Task Force (IPTF) is running an awareness campaign to highlight the importance of people being insured against the risk of not being able to work after becoming ill or getting injured.

The campaign kickstarted last month with ‘100 days to go’ and it’s #LetsTalkIP social campaign leading up to Income Protection Awareness Week.

It is the third time the awareness week will be run. It will include a range of insightful materials and useful information to help raise awareness of the importance of having income protection insurance.

Maintain your lifestyle

An income protection insurance plan can help you maintain your lifestyle without depleting your savings, relying on your family or the welfare state for financial support, as it will provide you with a regular payment to help replace the income you lose.

‘Having helped dental professionals achieve financial security during periods of illness and injury for over 100 years, we know all too well the safety net income protection can give individuals,’ said Kirby Mardle, chief finance officer at Dentists’ Provident.

‘As a leading income protection insurance provider to the dental profession, we are proud to be working with the IPTF in raising awareness of the importance of income protection.’

A record 150 million working days lost in the UK due to sickness or injury in 2022 and the percentage of working hours lost because of sickness or injury rose to 2.6% in 2022. This is the highest it has been since 2004 when it was 2.7%.

Minor illnesses were the most common reason for sickness absence in 2022, accounting for 29.3% of all absences. This was followed by ‘other’ conditions at 23.8%, musculoskeletal problems at 10.5%, respiratory conditions at 8.3%, and mental health conditions at 7.9%.

The IPTF’s members are businesses from across the financial services industry, involved in income protection insurance in the UK.

‘Vital to finances’

Andrew Wibberley, co-chair of the IPTF, said: ‘Getting your income protected as soon as possible is incredibly important for your future.

‘In this year’s Income Protection Awareness Week, we’ll keep spreading the message that the risk of needing to take time off work for health-related reasons is significant, and the ability to protect yourself against the financial consequences of this is simple and vital to any financial plan.’

The awareness week covers various topics every day around the importance of income protection, mainly targeted at financial and specialist advisors. You can find out more here: www.iptf.co.uk/income-protection-awareness-week/ipaw-2023/.

To find out more about Dentists’ Provident visit www.dentistsprovident.co.uk