Income protection insurance pays out a regular tax-free income if you become unable to work because of illness or injury. It could help you keep up with your mortgage repayments, and other day-to-day living costs until you are able to return to work.
you can buy cover that will pay a monthly income until your planned retirement age, return to work or death, or for a limited amount of time (which will result in a cheaper premium). Income protection policies also have a waiting period (sometimes known as a deferred period) before they pay out, which begins when you become unable to work. Once you return to work the income provided will cease.
The premium you’ll pay will vary depending on these factors and others such as your age, health, the nature of your job and, of course, the level of income you wish to protect.
If you become ill or suffer an injury during your working life, an income protection policy can help protect against any possible loss of income.