In the case that you become unable to work due to illness or a work accident, income protection can cover you for up to 60% of your annual income. If you have been made redundant, the policies may cost more but could be worth taking out.
The amount you pay each month depends on factors that contribute to your likelihood of claiming:
- family medical history
- Exercise habits
- Smoking habits
The money can be used to cover your mortgage payments, household bills or any other living costs that might occur during your time off work.