In the current economic conditions, any person may be in a situation of social disadvantage as a result of unemployment or obtaining temporary or total disability (illness, accident, old age, disability, child care, etc.). That is why the government acting guarantee social rights of the population should provide effective social policies to build effective social protection system that would provide support to citizens upon the occurrence of various social risks and contribute to the well-being of people. Unfortunately, social protection in Ukraine currently has a lot of problems caused by the instability of the political situation and economic relations in society, increase inflation, rising unemployment, economic crisis, major sectors of the economy. This article reveals the essence of the concepts of social protection and social security. It gives the analysis of the main aspects of social protection in Ukraine, defines challenges of social insurance in the insurance market of Ukraine and provides suggestions to improve social policy. Special attention is paid to the description of principles which should be base of the social protection policies in the state and the ways of their improvement to overcome the current crisis. Also here are discussed the conceptual ideas for changing strategic priorities and ideology implementation of social protection in Ukraine, viewing incomes policy, reform of social services.