Did you know that around 80% of people in the UK will suffer from back pain at some time in their lives? While we all secretly hope that some of life’s biggest troubles – cancer, for example – will pass us by, it is likely that lesser ailments, such as back pain, will be a problem as we age

How would you cope if a serious back problem meant that you were unable to work for a period of time? Maybe not even a back problem, but another serious illness or disability?

Although Incapacity Benefit can cover you for these types of problems, this is increasingly difficult to obtain. The coalition government have made rules that claimants of incapacity benefit are tested to ensure they really are unfit for work. – there are up to 3 million claims for this benefit each year, and up to a third of these are turned down.

Income Protection Insurance is will ensure that mortgage payments and other bills are paid if you are unable to work for a period of time. Also known as Income Insurance or Permanent Health Insurance, it will provide you with a monthly income, tax-free until your retirement age.

There are many different types of income protection, so it can be difficult to know where to start. Each provider offers varying types of cover, dependent on particular scenarios.

How much will I pay for Income Protection Insurance?

It is worth searching the internet to see if there are providers that cater for specific careers, as there are unemployment protection comparison sites that cater for nurses, doctors and teachers, with income protection plans that fit the specific needs of the job. If you are a manual labourer, there are certain companies that can fit a plan to your needs too. These companies are always worth a look – with their particular professional understanding, you can be assured that your own vocational circumstances will be taken into consideration.

Another point to consider is the waiting period. This is the amount of time you have to wait before the plan could start paying out. The shorter the waiting time, the higher the premium.

Your age will also affect how much you pay for Income Protection Insurance. Simply speaking, the older you are, the higher your monthly premiums. This is why selecting an Income Protection Plan when you are younger is highly beneficial – you are covered for a longer period, and your protection insurance is much cheaper.

Do you have a dangerous job? If you do, you might have guessed that this will affect the price of you Income Protection Plan too (or even have it refused altogether!) Also, if you are already suffering from a particular ailment, then you may be exempt from this in your policy. The company may decide to ask for a medical examination or GP report. Also, you might find that you get a better deal if you are a man – there is more chance of a women suffering from an illness than a man!

So, income protection is certainly important, whatever career you have. Spend some time shopping around, and look at different providers….take advice from them, and remember to ask the key points, particularly around what is and what isn’t included in your cover. Once you have selected your Income Protection Plan, at least can you feel assured that, whatever happens as you get older, you can rely on a regular monthly income.