Who is eligible for private sick pay membership?
Overview
Private Sick Pay provides a monthly benefit based on your usual earnings. The monthly benefit can be used to cover your monthly commitments such as mortgage or rent payment, utility & household bills and to support your family to help maintain your standard of living should you be unable to work due to sickness or injury.
Find PSP Coverage
Private Sick Pay monthly benefit is provided by non profit friendly societies. Not everyone is accepted as a member. The monthly premium is specific to your occupation & circumstances. Monthly membership premiums start at £10 a month.
PRIVATE SICK PAY
Statistics
Total value of claims paid in 2022
£778 Million paid out.
Number of claims in 2022
22,542 new claims paid
Lost working days in 2022
185 million days lost due to sickness or injury.
Percentage of payout
98% payout rate across all protection products.
Sickness absences rate in 2022
The sickness absence rate rose to 2.6% in 2022; this is the highest sickness absence rate since 2004
Understanding PSP
Private Sick Pay provides a safety net, covering 70% of your income (before tax) in the event that you are unable to work due to sickness or injury. This support ensures you have the necessary time to recover without the added pressure of a swift return to work.
Facing a loss of income is a universal concern, impacting your ability to cover essential expenses like housing, food and the needs of your family. With Private Sick Pay you gain the peace of mind that your financial responsibilities are met, allowing you to sustain your lifestyle until you are fully prepared to resume work.
PSP is indispensable for anyone relying on an work income.