It helps to ensure you do not fall behind with your monthly bills – including your mortgage – if you are ever unable to work for a long period of time due to illness, injury or disability.

If you are self-employed, you can still take out income protection insurance. However, you may want to select a policy by which you can start to receive payments from as early as possible if you become unwell, as you won’t have sickness cover from your employer.

Mortgages are a long-term financial commitment, and for many people, account for the single largest purchase they will ever make. With this in mind, it is important to consider how you would maintain future mortgage payments, should you suffer a loss of income or in the event of your death.

Income protection, critical illness or life insurance can provide peace of mind that could prevent you or your family from losing a property.

The amount of cover you will need depends on your individual circumstances. In the event that you have a large mortgage and a big family, it makes sense to have more cover than if you have a small mortgage and small family.

Speak to one of our expert financial advisers about how much you would need based on your individual needs.

The monthly costs of insurance vary considerably and are dependent on a range of factors, including:

• Your age
• Your health – including your weight, current health and medical history
• Whether you smoke or have previously smoked
• Your job
• The length of your policy
• The amount of money you wish to cover

The younger and the better health you are in, the less you can expect your policy to cost. This is why we always recommend taking out cover as early as you can in order to keep the cost to a minimum.

Many couples choose to take out joint life insurance as the premiums for joint cover can be less than they are individually. However, joint policies only pay out once, in the event of the first death. If the surviving partner then wants to arrange their own policy, it is likely to be more expensive because they will be older.