This is a product that has increased in popularity, with good reason. Income protection is exactly what you think it would be. It protects your income in the event of becoming disabled or contracting a severe illness. The essence is that you will receive a monthly income from the product should you be unable to work due to illness or accidents. This income can be paid until your retirement date if you are permanently disabled. It will all depend on the type of cover (i.e. temporary or permanent income protection).