Are you one of many people in the UK struggling to separate your working life from your home life, is stress causing physical and mental distress, rest assured you are not alone.
Talk to your manager, family and friends if stressed about work, and find out if your business has support in place for mental health issues. If not, your GP should be your next port of call. If you are overworked, ask for help from your manager.
Thankfully, there are many ways in which you can reduce/stop stress in the workplace, which for many people, can be life-changing.
We will now take a look at some of the ways you can destress in the workplace and begin to enjoy your work/life again.
Historically issues such as stress, depression and other mental illnesses were overlooked and ignored in the workplace. Thankfully, from a legal point of view, both physical and mental stress is considered on the same level.
As a consequence, there is now more focus on de-stressing in the workplace, and there are many simple actions you can take.
We update all our guides regularly. If you are researching the Income Protection and we haven't got an exact guide that helps you, keep coming back as we update daily.
Many experts have waxed lyrical over the years regarding stress in the workplace and the need to retain control of your work activity and your work environment. When we feel a situation is out of control, this will prompt stress hormones in the body, which are the body’s natural defence.
In relatively mild forms, this hormone can be helpful, but continuous stress can be detrimental to your health. So, the best thing to do is act rather than react, so try to look ahead, foresee any potential problems and try to retain a degree of control.
One of the simplest actions you can take to combat stress in the workplace is to take a step back, take time out and refocus. Simple breathing activities will bring down your natural stress levels, allow you to take back control of your mind and refocus.
Inhale through your nose, hold for five seconds, exhale, and repeat for just a few minutes. You will feel instant calmness, enabling you to re-enter the workplace, and you are ready to go again!
Unfortunately, it is highly unlikely that you will be able to eliminate all potential interruptions in the workplace. That said if you have a particularly challenging task to carry out or report to consider, take time, go to a different room and minimise interruptions.
You will be able to carry out the work in question much quicker with no interruptions, away from the hustle and bustle of normal office life. While many of us like to boast about multitasking, sometimes it is best just to focus on one task at a time.
Separate the two. When you leave work after a hard day, don’t take it home with you, leave any worries on the doorstep and pick them up on your next working day. When you’re working day is over, it is time to focus on your private/family life and give yourself time away from not only the physical office premises but thoughts of work.
Exercise and social activities away from the workplace allow us to relax and improve our mental and physical health. Even a simple 30 minute walk each day gives you fresh air, quiet time and you will be surprised how relaxing it actually is. Why not leave your mobile at home for added peace?
We all have living expenses, financial obligations and when stress in the workplace begins to build, this can prompt money concerns. Thankfully there are ways and means of protecting your income if you are unable to attend work as a consequence of illness/injury.
Income protection is a type of insurance policy which will pay out a regular income if you are unable to work as a consequence of illness/injury.
There is no one size fits all when it comes to income protection premiums as they will be based upon your individual circumstances and specific requirements. Insurance companies tend to place different types of work in different categories with regards to risk - the higher the risk, the higher the premiums.
As a consequence, many people choose to seek professional advice from insurance brokers who will be able to explain the pros and cons of various types of income protection insurance.
While some employers will provide an element of full pay for a short period of time if you are unable to attend work as a consequence of illness/injury, others may revert to statutory sick pay relatively quickly. You will need to check your employment contract to see the level of sick pay provided and how this may impact your finances in the short-term if we assume that you earn £2000 a month, but due to illness, you will not be able to work the next few months.
You may have a period of full pay from your employer, and then you will revert to statutory sick pay of around £96 a week. So in effect, your income will drop from £2000 a month down to less than £400 a month. You’re reduced income is not even going to cover your living expenses!
When you take out an income protection policy, you will be asked to confirm your salary at the time, on which future payments will be based. The traditional level of payment is between 50% and 70% of your gross monthly income.
Therefore, if you had a gross monthly income of £2000, then you should expect to receive between £1000 and £1400 gross each month. You will also receive statutory sick pay on top of the income protection payment.
With a long-term income protection policy, they will last until you are able to return to work or reach a predetermined retirement date. Short-term protection is usually between 12 and 24 months per claim and per condition.
The premiums on long-term protection will be significantly higher than those charged for short-term protection.
There are many issues to take into consideration when looking at income protection insurance. These include the cost, degree of cover and whether indeed this cover is relevant for your situation. While there is no doubt that the Internet has revolutionised the financial industry in the UK - there are masses of information available 24/7.
Unfortunately, some of this information can be misleading, incomplete and sometimes out of date. As a consequence, when looking at something as important as income protection insurance, it makes sense to speak to an expert.
There is no hard and fast rule with regards to charges when using an insurance broker. Thankfully, what we do know is that charges and commissions are now extremely transparent as a consequence of regulatory changes. Historically there were numerous complaints about a lack of transparency regarding relations between insurance brokers and insurance companies. The situation today is very different with three distinct charging structures:-
Many individuals prefer to be charged directly themselves, as opposed to involving commission paid by insurance companies, as a means of avoiding any conflict-of-interest. The charging structure will be discussed prior to signing any agreement so that everybody knows where they stand.
Failure to disclose any third-party arrangements is a breach of regulations, and in theory, you could claim compensation.
You will come across the terms tied insurance broker and independent insurance broker. As the term suggests, a tied insurance broker will normally deal with one insurance company (or a small group of insurance companies). This means that a tied insurance broker does not have access to the wider market.
An independent insurance broker is able to browse the full market when seeking the most competitive terms for your income protection insurance. In reality, any independent insurance broker will have relatively strong relations with a small band of insurance providers. It is physically impossible to have a deep-seated relationship with all insurance companies.
First of all, you need to balance competitiveness with regards to your specific requirements. Then we have the degree of competition between a tied and an independent insurance broker. Many people automatically assume that an independent insurance broker will always be more competitive. This is not necessarily the case…..
As a tied insurance broker will be channelling all of their business through a relatively small group of insurance companies, this can create a strong bargaining position. As a consequence, there is no reason why a tied insurance broker cannot match or even better the terms negotiated by an independent insurance broker.
You’ll also find that many tied insurance brokers specialise in specific areas giving them an enhanced negotiating position. Take nothing for granted!
Time stands still for no man as they say. When it comes to income protection insurance, it is likely that your requirements in your 20s, 30s, 40s, 50s and beyond will change. As a consequence, it makes sense to review your income protection insurance (and other related insurance policies) on a regular basis.
If you need to change or tweak any particular elements, then your insurance company/insurance broker should be able to assist. In a worst-case scenario, you may need to seek additional guidance and look elsewhere if unable to make the necessary adjustments to an existing policy.
There are many actions you can take to reduce stress in the workplace and the potential consequences of financial stress. Exercise, time away from your desk and planning ahead can make a huge difference in working stress levels.
Then we have various insurance policies available such as income protection which will payout when you are unable to work as a consequence of illness/injury. These policies can be a godsend!
Here at Money Savings Advice, we have partnered with some of the UK’s leading Income Protection Insurance brokers. They have already helped thousands of people get the best Income Protection Insurance cover and they can do the same for you.
Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.
If you would like to speak to one of these brokers who can provide you with a ‘whole market quote’ then click on the below and answer the very simple questions.
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