Income Protection Insurance is designed to pay out whatever the reason for your being unable to work (subject to certain exclusions). In this respect it differs from Critical Illness Cover, which only pays out if you contract one of a list of specified illnesses. Income Protection Insurance also just pays out for the period that you are unable to work, as opposed to Critical Insurance Cover insurance, which generally pays a straight lump sum.

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Income protection has a number of different names such as Permanent Health Insurance, Income Replacement Insurance and Long Term Disability Insurance. However, they all serve the same purpose, which is to pay you an income if you become unable to work due to sickness or injury. This is an important type of cover for self-employed people or if you are not covered through your employer.

When you start shopping for your own policy, look for one with fixed premiums. A guaranteed policy will mean you pay the same price each month for the rest of your working life. An increasing number of deals ask you to pay more each year (in line with your age and the company's claims record). Although tempting, this should be avoided if cost is a factor.