If for some reason you were unable to work due to illness, an accident or unemployment how would you cope?

Nobody likes to think of the worst-case scenario but unfortunately, if for some reason you are unable to work then bills don\'t magically stop. You will still have mortgage repayments, you will still have bills piling up and you will still need to put food on the table.

We should all be putting something aside for a rainy day but, realistically, how long would that last and how long could you survive on Job Seekers Allowance (about 60GBP a week) or Incapacity Benefits (a little over 80GBP)?

Between them, critical illness cover, income protection insurance and mortgage repayment insurance offer a variety of options to address your needs should the worst happen. Here\'s how they break down:

Critical Illness Cover

Like many insurance products, critical illness cover is one of those things that you hope you will never need but are glad you have when you do. If you are diagnosed with a specified serious illness you will receive a tax-free lump sum to help you meet your financial requirements.

The level of cover as well as the terms and conditions fine print can vary dramatically between critical illness cover products so it\'s vital to seek out professional advice if you are considering critical illness insurance.

Critical illness cover is often combined with life insurance cover as the difference in monthly premiums can be small. Of course, you should always hunt around for the best deal and appropriate level of cover for your own needs, your independent financial adviser can help you with that.

Income Protection Cover

Income protection cover is an insurance product that is designed to help cover your financial commitments if you are unable to work due to most illnesses or accidents. Unlike critical illness cover (which pays out a lump sum), income protection insurance pays out a monthly tax-free amount.

The type and level of cover varies (as with all insurance products) so as always, professional advice is a must. In particular, with income protection cover, you can decide how long after your illness or accident the insurance will kick in. For example, you may have enough put aside in savings to get through the first 3 months, so you may only need your insurance to payout if you are off work for longer than that. The longer the period before the insurance pays out, the lower your premiums will be.

Mortgage Repayment Protection Insurance

Mortgage repayment protection insurance is, usually, a more short-term solution than income protection cover. Also known as accident, sickness and unemployment insurance (ASU insurance), this product is specifically designed to cover your mortgage repayments if you are unable to work due to accident, sickness or unemployment.

Unlike income protection insurance, which can payout until the age of retirement, ASU insurance normally lasts for around 1 to 2 years after you claim, depending on your policy. However, ASU insurance also includes your inability to pay due to unemployment, something not covered by income protection insurance.