For how long should I insure?

It's up to you how long you want to insure for. You don't have to decide at the beginning of the policy - all you have to do is carry on paying the monthly premiums.

Indeed, you can cancel Short Term Income Protection policies at any time. You are not tied into a minimum term. For example, if you change jobs and don't have as much money coming in, you could decide to stop paying the insurance until can afford it again. You then take out a new policy. It really is up to you.

All proceeds from insurance policies are tax-free.

IMPORTANT.

If you have a mortgage and want the payments to be paid for you if you are off work through sickness, accident or unemployment, then look for Mortgage Payment Protection Insurance.

If you want insurance cover to repay your entire mortgage if you become seriously ill, you need Critical Illness Insurance.