Income protection provides financial support if you're unable to work due to illness or injury, typically until retirement or your recovery, while short-term policies offer coverage for one or two years, available at a lower cost.

Unlike redundancy cover, income protection will not pay out if you are made redundant, however, it does often include 'back to work' assistance if you are off sick. Income protection differs from critical illness insurance, which provides a one-time payout if you fall seriously ill.

Income protection is not the same as the widely mis-sold payment protection insurance (PPI). PPI covers a particular debt and any payouts go to the lender. Income protection provides a tax-free proportion of your income if you are unable to work because of illness or injury.

Only a minority of employers support their staff for more than a year if they're off sick from work. Given the low level of state benefits available, everyone of working age should consider income protection.