Almost a quarter of people do not know how they would cope if they lost their regular income, according to research by the ABI.

The research, conducted for the first time, shows 2.4m people in the UK have long-term illnesses and claim incapacity benefit.

It also shows 23% will have no job at some point during their working life and one in three will not work for a year or more.

However, many are unsure how they would survive if their income was taken away, prompting the ABI to produce a fact sheet highlighting the different types of protection products available.

Nick Starling, the director of general insurance and health at the ABI, says: “It is important when people are taking out a loan or a mortgage that they think about how they would meet repayments should they fall ill or become unemployed.  Insurance can play a role in helping people meet their financial obligations in these circumstances.”

The protection industry is already moving to make it easier for people to receive money when they make a claim. Last month Friends Provident relaxed evidence requirements on claims for life cover, life cover with critical illness and standalone critical illness cover as part of a raft of changes to its underwriting processes.

Also in January, insurance companies agreed to pay more claims where customers have unintentionally not disclosed medical information, following ABI guidance.

You should check your employers Terms and Conditions of Employment and see what sick pay you would get.  It might be none.  For the Self Employed the situation could be the same.  Use our calculator and see how much cover you need and then find out which insurers will charge what for the cover.