You may have come across the word income protection insurance in the insurance companies and you might be wondering what it is. Now today you will know. This is a type of insurance that is given to a person as a payment to help him or her get a better life. This is given to a person who maybe not be working due to illness or disability. It is commonly found in many United Kingdom’s insurance companies. This helps in paying bills since many people rely on their income but having it is hard. This is why there is income protection loan to help them meet their needs. This type of insurance pays between 50 to 75% of a person’s pre tax or gross salary depending on the company’s policy.  Income protection insurance is available for short and fixed term. Fixed term can go for a period of 5 to 10 years while short term goes for 1 to 2 years.