If you get sick or injured, and can’t work, income protection pays part (normally a majority) or your monthly income so you can pay your monthly bills as normal.

If you are self employed this is a vital policy, and most employed people on PAYE do not get sick pay from their employer, so it is worth strongly considering if your income is vital to paying the bills.

Income protection policies vary, but they normally pay a percentage of your monthly income up to a pre-agreed amount, and because they are tax free, the monthly payment should be a similar amount to your take home salary.

Income protection policies are becoming increasingly popular, as for a low monthly premium you can have piece of mind should you become sick or injured, as this is more common that you think.

You should consider income protection if:

• You couldn’t cover your outgoings if you get sick
• You couldn’t pay your bills with government benefits
• You wouldn’t get sick pay from your employer (most don’t cover sick pay)
• You’re a single income household
• You’re the main income earner and without you, the household couldn’t pay the bills