Income protection is essential for anyone in full-time employment. It is essential for those who are self-employed, have no sick pay or have limited savings.

This policy covers all illnesses, even mental health conditions, the only illnesses it will not cover are per-existing illnesses you have before taking out the policy.

You’ll need to be signed off by your doctor. Once you’ve received confirmation from your doctor, your policy will start paying out after your deferral period (the predetermined amount of time between making a claim and your payments starting also known as the waiting period)

Income protection typically covers up to 60-70% of your gross income, depending on the policy. This ensures you have a steady income stream if you cannot work.

Pre-existing illnesses. Your policy will also not cover you for redundancy. It is not unemployment cover, so it won’t pay out if you become unemployed. It’s not a savings or investment plan and has no cash value unless a valid claim is made.