Income protection
Income protection pays a regular income if you cannot work because of illness or injury, usually until you return to work or the policy ends.
Also known as: income protection insurance
You choose a monthly benefit and a deferred period, the time you wait before payments start. Longer deferred periods make premiums cheaper. Definitions of being unable to work vary, and affect whether you can claim.
It can be especially useful for self-employed people with no sick pay.
Check the policy documents and the key facts before you buy, and compare the cover as well as the price.
Related terms
This page provides general information only. It is not personalised financial, legal or tax advice, and rules and figures can change. Your situation is unique — please check official sources such as GOV.UK and MoneyHelper, and speak to a qualified, FCA-authorised adviser before making important decisions about your money.