Updated 02 March 2018
Anyone may find themselves unable to work due to illness or injury. There are two main safeguards against this risk: income protection and/or critical illness insurance. These work in different ways, but both can help you to replace lost earnings. Some employers offer this financial protection as a benefit, but if they don’t then you can find the best private providers by talking to a financial adviser.
Income protection will pay you a regular income (typically a percentage of your usual salary) if you can no longer earn. You can time it to start paying out once you stop receiving sufficient sick pay from your employer (statutory sick pay is paid for up to 28 weeks, but may not be enough for you to live on).
Find out more about income protection.
Critical illness cover will pay you a lump sum if you become ill with a medical condition listed on the policy. Not all illnesses are covered, so discuss your needs carefully with a financial adviser before selecting your policy.
Find out more about critical illness cover.