People considering taking out income protection insurance, critical illness cover or accident, sickness and unemployment protection have been offered tips on how to go about choosing the right product.

In an article about health insurance for men in the Telegraph, Emma Simon has recommended first finding out about any sick pay benefits that an employer may be offering. Some organisations pay their employees a proportion of their salary for six months and if this is the case, then it may be wise to opt for a policy that will kick in only once the work benefits stop.

According to the writer, this arrangement is known as a \"deferment period\" and \"the longer it is, the lower the cost\". It is not recommended for self employed individuals to have a long deferment period unless they have adequate savings to cover this period of having no income.

In a similar article, the author wrote that critical illness insurance is cheaper, which means that more people buy it and it covers around 30 illnesses. However, those considering such protection are advised to watch out for exclusions because certain types of cancers are viewed as not life threatening. A recent report from the National Cancer Intelligence Network, Cancer Research UK and the Men\'s Health Forum revealed that men are 40 per cent more likely to die from cancer than women.

Income protection versus critical illness insurance
An income protection policy pays an income if you are unable to work due to ill health for a set period after a different period that you set at the start of the policy. As you can vary the term and the period before you can make a claim ( deferment period) you can reduce the monthly premium by increasing the deferment period and reducing the term of the policy giving you great flexibility to get the premiums to fit you budget. As the total amount payable on the policy reduces as the term of the policy reduces this makes the policy cheaper than a comparable critical illness policy.

Critical illness insurance pays out a lump sum if you a diagnosed with a qualifying critical illness during the term of the policy. The illnesses vary from insurance company to company but tend to cover only major illnesses, unlike income protection. As the same amount is paid out at any time during the term and the older you get the greater the chance of a claim this can make the policy expensive.

Where can I find out more about income protection cover and critical illness cover?
There are many online websites that provide detailed information on all the protection polices available in the market. Most of these will allow you to do online quotes and apply for you policy in the comfort of your own home. Alternatively you can speak to an independent financial advisor you will be able to look at your complete financial situation an advice you of the best solution to your protection needs.