Why Your Workplace Protection Might Not Be as Good as You Think

Many employers offer protection benefits as part of their overall package, life cover, sick pay, sometimes even critical illness or income protection. It is a valuable starting point, and for some, it may feel like enough.

But it is worth taking a closer look.

Workplace protection can offer a safety net, but it is not always as strong or as personal as it first appears. If you rely on it completely, you may be more exposed than you realise.

Here are a few things to consider

1. It usually ends when you leave
Most workplace cover is tied to your employment. If you change jobs, get made redundant, or take a career break, that protection usually stops, and if your health changes before then, getting new cover may be more difficult or expensive.

2. The level of cover may not reflect your needs
Employers often provide a multiple of salary for life cover, for example, two or four times your basic income. That might be enough for some, but it may not cover mortgage debt, childcare, or ongoing living costs over the long term.

Income protection and critical illness cover, if offered at all, are often limited in scope or duration.

3. You may not have much control
With employer schemes, you often cannot choose the insurer, the terms, or how the cover is structured. You may not even know the details until you ask for them. It is rarely tailored to your personal circumstances.

4. It is not portable
Even if you are in good health, being reliant on employer cover alone means starting from scratch each time you change roles. That creates risk, especially if your health or personal circumstances have changed in the meantime.

A helpful foundation,but not the whole plan

We are not suggesting you ignore your workplace benefits. Far from it. They are often a helpful foundation and a cost-effective part of your wider plan. But they should not be the only layer.

Building your own protection alongside what your employer provides can give you more security, more flexibility, and more control over how you are covered.

Want to check where you stand?
If you are unsure what your employer cover actually includes or how it compares to your needs, we can help you review it and fill in any gaps if needed.

Speak to us today for a complimentary strategy call with Versed Financial.