Income Protection Insurance (IPI) is also named Permanent Health Insurance (PHI) and the two names are used synonymously throughout the insurance industry. The objective of such a policy is to provide you and your family with an income if you are unable to work. The policy terms from different providers vary, but you are covered in the event of certain illnesses or accidents or if you suffer some form of disability.

The advantage of taking out this type of insurance is that you have some piece of mind if you are unable to work, you will still receive an income. If you don't think that you need this product because you are already covered by your employer or the government then please bear in mind the following:
If ill, your employer may only pay your full salary for a small period, so check your contract.
After this period, they are only obliged to pay you "Statutory Sick Pay".
The government's statutory sick pay currently only pays £66.15 per week. 
If self-employed, you may be entirely reliant on "State Incapacity Benefit" (initially £57.65 per week). 

Of course we all hope to remain in good health, but missing work work due to ill health is not as rare as you might think. Actuaries have calculated that people of the average working age have a one in five chance of missing work due to illness for at least a period of three months. Ask yourself what would happen if this happened to you....
Do you have a generous employment contract to cover you.
What bills (if any) would stop arriving and thus reduce your outgoings?
How long could you last on just £68.20 per week or £57.65 per week if self employed?
How long would your savings support you?

If you are worried that you are not sufficiently protected against the loss of income through sickness or disability then an independent adviser recommended by ifasw.co.uk can help. These advisers are experienced in arranging income protection insurance on their clients' behalves and being independent, they have access to every product in the marketplace. This means that unlike advisers tied to a single insurance company, they act in your best interests and will only recommend the most appropriate product after an exhaustive search. 

If you would like to discuss Income Protection Insurance and its benefits, without obligation, then remember that ifasw.co.uk is always more than happy to help - Just ask us by clicking here!