Do I need income protection insurance?

Before taking out any form of income protection insurance, it is important to first of all check:

• that your employer doesn’t already provide income protection as a benefit. Your employment contract, handbook or HR/personnel department should provide full details of this.
• whether any other insurance policy you have provides cover for serious illness
• whether your savings could be used to cover any period off work, rather than relying on insurance. However, think very carefully before deciding to rely solely on your savings as these may not cover a long period of sickness and may be needed for another emergency down the line.