Which? approves IP and life cover

The consumer association previously listed IP as a preferred alternative to payment protection insurance when PPI made its worst financial products list.

It described income protection as "vital if your employer doesn't cover your salary when you are sick, or you don't have a big savings pot."

Which? added that life insurance is a must-have if you have dependants, saying: "It's not a pleasant thought, but, if you die young, you need to make sure your family is covered. Don't put it off either, the younger you are, the cheaper it is."

It also highlighted the importance of having a comprehensive will to protect your wishes.

"Wills aren't something you really want to think about, but not writing one could mean real financial worry for your family. Making a will ensures your money goes to who you want it to," it concluded.