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Income protection insurance is a policy for people who have limited sick pay or who works for themselves it will protect you and your family from the financial impact of an illness, injury or death. It’s extremely important, if you loose your income you would have to personally fund your monthly expenses such as food, credit card bills, utility bills or council tax from your savings. By applying for an income protection insurance, it will help you pay for all your monthly expenses, leaving you with only the hassle of getting back to full health.       If you have an accident, become sick or unemployed and lose your income, you may receive up to 75% of your net income, tax free, for either 3, 6 or 12 months to replace your salary whilst you recover. This is in addition to your statuary sick pay or JSA, ensuring that it’ll bring your monthly income close to your normal salary. You are able to spend the money you receive however you wish and your individual habits do not affect your premiums or eligibility.    If you are self-employed, it is important to buy income protection insurance. If you’re employed, check with your employment contract to see whether your company will actually pay you if you are off sick for a sufficient amount of time.     Income protection insurance, is a great thing to have as a precaution, you may believe you don’t need it, but who can say what will happen in the future. It’s better to be safe than sorry.