What sort of income protection insurance should I get?

A I'm a junior doctor and have become increasingly confused by the array of income protection policies. Would you be able to advise me? If you can't advise me on a specific policy, a pointer to a good secure company would be just as good.

SJ

A I well understand your confusion. Income protection is used as a term for many different types of insurance policies including redundancy, mortgage protection, accident and ill health. Furthermore there are all kinds of conditions in the small print that make some policies a waste of money.

I think you are probably interested in permanent health insurance which provides a monthly income during a long-term illness. Unfortunately this type of policy can be very expensive, especially if you are young because the insurance company may have to pay out for a very long period until you reach retirement age. So critical illness cover, which provides a lump sum, may be a cheaper option.

I really think this is a case where it is worth seeking proper independent advice to discuss exactly what cover you require and what is available. IFA Promotion will provide names of your local independent financial advisers who should be able to help. Their website is www.unbiased.co.uk or freephone 0800 085 3250.