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AMP warns &#39don&#39t rely on state benefits&#39

AMP is warning families not to depend on state benefits to protect them if they are affected by illness, accident or death.

It says if the main family earner is not working, living standards could suffer considerably if they have not bought a protection product. They could also have additional costs relating to illness such as nursing or adapting the home.

In its factsheet, State Benefits — Can You Rely on Them? – published this week, AMP points out that statutory sick pay, which is taxable, is only £63.25 a week. Short-term incapacity benefit is just £53.50 or £63.25 at the higher rate per week. Long-term incapacity benefit is £70.95.

AMP Life Services risk solutions manager Paul Cowman says: “A serious illness, accident or death can devastate a family&#39s finances if the main breadwinner is unable to work.

“People need to ask themselves: &#39How will my family be able to pay the bills or a mortgage if I die or an accident or serious illness stops me working?&#39 We insure our homes, cars and possessions against accidents and thefts but we often overlook insuring ourselves and our families.”

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