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Is Income Protection Worth It If You Are Young And Healthy?

Editorial Team — Thu, 18 Jan 2024 12:41:23 +0000

If you’re young and healthy, income protection is unlikely to be something you’ve considered – you might not even have heard of it! But regardless of your age and health status, there are many benefits to having income protection.

Let’s take a look at what it is and why it’s worth it.

What is income protection and how does it work?

Put simply, income protection is a type of insurance that pays out if illness or injury leave you unable to work. This is why young, healthy individuals tend not to think too much about it, as you might not have imagined something like that happening to you.

But illness can happen to anyone, and injuries can occur unexpectedly, so it’s important to think about how you’d manage financially if you suddenly lost your ability to work.

You have to wait for a certain amount of time after you stop working to claim income protection. This period is typically at least four weeks, though be aware that it can last longer. After that, income protection can help to support you as you recover and get ready to go back to work.

If you run a business, you have the option to protect all your employees from the unexpected with group income protection. If someone is off sick for an extended period of time, group income protection pays them a percentage of their salary each month. This means that both you and your employees can be confident that, if anything happens, they won’t be left to struggle.

Why Do You Need It?

Income protection is usually paid out until you return to work, so you don’t have to worry about money if illness or injury forces you to take time off.

With group income protection, your employees are supported to return to work as soon as possible. So not only is it a great way of looking after employees’ health and wellbeing, but it can also help to keep your business running smoothly.

There are a range of income protection plans to choose from, so you can pick one that suits you. Income protection is not a ‘one size fits all’ kind of insurance – it’s up to you what it pays and how long for. Keep in mind, however, that costs may vary depending on your health and lifestyle, and what kind of job you have.

For example, income protection for someone who smokes may be more expensive than for a non-smoker. Or, if your job involves a lot of manual labor, you’re likely to find yourself paying more than someone who works in admin. This is because some jobs are deemed to have a higher risk of injury than others.

Wrapping Up

If your job increases your injury risk, income protection is crucial, as you don’t want to find yourself having to take time off work without pay. Likewise, if you employ people in high-risk roles, you don’t want them rushing to get back to work too soon and potentially making their injuries worse. With income protection, the return to work occurs at a safe pace.

As you can see, income protection is always worth it, even if you are young and healthy.

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Author: Edwin Owusu Peprah from Net Worth Hack.

The post Is Income Protection Worth It If You Are Young And Healthy? appeared first on Startup Ideas.

8 Actionable Tips For Launching Your Startup Successfully

Editorial Team — Sat, 26 Feb 2022 19:38:30 +0000

There is nothing more nerve wracking than starting your own business, but it can also be the most rewarding thing – if done correctly! More and more people are beginning to see the value of starting their own enterprise.

In fact, a recent study shows that there were 726,000 new businesses created in the UK in 2020 compared to just over 636,000 in 2019. If you’re joining the thousands of people who want to make a name for themselves, there are some things you need to do to be successful.

Here are our top tips… Good luck!

8 Tips For Launching Your Startup

1) Know your audience inside and out

Do you know everything there is to know about your audience? These are the people who will spend their hard-earned cash with you, and keep your business afloat. The latest stats suggest that almost 1 in 5 new businesses fail in the UK each year, so, you must ensure you know your target audience inside and out.

2) Know the competition that surrounds you

For similar reasons outlined in the aforementioned point, it’s fundamental your carry out thorough competitor research. How many businesses are doing what you do?

Are they successful? What are they doing right, and what are they doing wrong? The answers to these questions will help you make informed decisions where your own business is concerned.

3) Perfect your business plan

Your business plan is your roadmap and it can make or break your enterprise. Your plan should include both long-term and short-term goals, estimates, and forecasts, and don’t worry if you find you have to change it in some places… it’s supposed to evolve as you do.

4) Ask for help

Don’t be afraid to ask for help! Starting your own business is extremely challenging and your success relies on so many different factors.

Surround yourself with people who have ‘been there and done that’, and request their help in areas you’re struggling with.

5) Invest in the best technology

To be the best, you have to own the best, especially when it comes to technology. If you plan to rapidly grow your business, you might find that different comms channels can negatively impact your processes. Unified communications can prevent this draining your company’s time and budget at its most crucial time.

6) Find the right office space

It’s never too early to start searching for an office space, even if you intend to launch your business from your spare bedroom.

Think carefully about the location you want to work from, and how big the space will need to be for your future team.

7) Regularly ask for feedback

When starting your own business, it’s really important you have an open mind and regularly ask for feedback to help you improve.

Not only should you be asking customers and fellow businesspeople, but also friends and family who can offer a fresh perspective.

8) Create a marketing strategy

Your business is nothing without a solid marketing strategy. How are people supposed to spend their money on your services or products if they don’t know you exist? We recommend outsourcing this to professionals to maximize success.

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Author: Edwin Owusu Peprah

The post 8 Actionable Tips For Launching Your Startup Successfully appeared first on Startup Ideas.

6 Employee Benefits Your Small Business Shouldn’t Miss Out On

Editorial Team — Mon, 02 Aug 2021 20:04:38 +0000

How important are employee benefits? According to a statistic from the career site Glassdoor and relayed by bytestart, 57% of all workers deem perks and benefits among the top factors they weigh up when deciding whether they should accept a job offer.

This situation could put your small business in a quandary if you just lack the finances to be overly adventurous with what employee benefits you offer. So, what cost-effective options could you consider?

Six Employee Benefits Your Business Shouldn’t Miss Out On

1. Free Snacks

Imagine your workers being able to tuck into the likes of fresh fruit and cereal bars during brief breaks between sessions of heavy-duty working.

In the Social Market Foundation’s happiness study reported by Business News Daily, researchers found that a group allowed to eat snacks and watch ten minutes of funny video footage become, when it was time to work again, more engaged – and 12% more productive – than a group denied the same treats.

2. Fitness Activities

You can’t expect your workers to get fit if they don’t always have ready access to the fitness amenities they need in order to do so.

Therefore, your workforce – and, by extension, the business as a whole – could benefit immensely from you offering an array of fitness-related perks. Perhaps you could arrange for company exercise classes to be regularly held, or offer each employee a discount on gym membership?

3. A Better Work/Life Balance

You might be familiar with companies offering the option of flexible working to any employee who has completed at least 26 weeks of work to the standard timetable.

However, what about going one further and letting your new recruits request flexible working from the day they join the company? It’s certainly a measure that could help your firm to stand out from the crowd.

4. Work Incentives To Staff

While your company’s budget might not stretch to offering year-round benefit schemes, you could still offer some benefits on more of an ad hoc basis. For example, you could occasionally offer to reward a prize to any employee who meets a specified target.

The prize itself doesn’t have to be too expensive; you could just offer that employee a box of chocolates or an early finish to their workday.

5. More Freedom

Some perks wouldn’t require you, as the business owner, to spend a lot – if anything at all. Good examples of these perks include letting your employees arrive at the office in casual work attire or bring their dogs – if they have dogs, obviously – to work with them.

Perks like these are just about letting your workers loosen their usual work-imposed restrictions without hampering their usual level of productivity.

6. Life Insurance

“There are certain benefits good employees feel they must have,” Ray Silverstein, founder of the small-business advisory network President’s Resource Organization (PRO), is quoted as saying in an Entrepreneur article.

For this reason, you should seriously consider offering life insurance even if local laws don’t require you to provide it. Fortunately, you don’t have to struggle if you are eager to find suitable life insurance for small businesses.

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Author: Edwin Owusu Peprah

The post 6 Employee Benefits Your Small Business Shouldn’t Miss Out On appeared first on Startup Ideas.