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Income protection plans are designed to pay out regular, tax-free income in the event of you being unable to work due to an accident or illness.

Usually the maximum you can expect is up to 75% of your gross annual earnings. In the case of some providers however this may be before the deduction of state benefits.

Payment of monthly benefit on such plans is almost invariably deferred for periods of 4, 13, 26 or even 52 weeks, with a corresponding lowering of premium rates, the longer the deferral period.

MoneyExtra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.