If there is one type of insurance that is often overlook, it’s income protection insurance. I realise that most of us live our lives thinking we’re never going to get ill or injured or that our health is going to suffer and rightly so. But, we do not know what is around the corner and we should always be covered.

Income protection insurance is exactly what it sounds like, it’s insurance to protect your income should you become out of work due to ill health. Most of us who are employed are only allowed a certain amount of time off sick on full pay – after that, we’re pretty much left on our own. It is in this situation where income protection insurance would be extremely welcomed.

Like all insurance cover plans, you pay a premium at set intervals, usually monthly which covers a custom plan for your income protection. Should you be unfortunate enough to fall ill and find yourself unable to work, the plan will pay you a set amount at set intervals, similar to your way or salary until you’re back on your feet and able to return to work.

Income protection insurance, in my opinion should be taken out by all. We often take out life insurance to cover our partners or children after we’re gone but what if we need to cover our partners and children when we’re out of work? Income protection insurance should not be overlooked.

Most income protection plans come at a relatively low cost if you’re a healthy individual so it’s something worth taking out, purely for piece of mind if nothing else.