Income protection insurance is available to both the employed and the self-employed. It provides a regular tax-free income if you are unable to work due to accident or sickness. Policies have a fixed term, usually running until either normal retirement age, or he end of your mortgage term.
When commenced, policy benefits are paid either until you recover sufficiently to return to work, or until the end of the policy term.
Protection plans with no investment element will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained then cover will lapse.