Real-time traffic will be a predominant traffic type in the next generation networks, and networks with 100% reliability and availability will be required by real-time premium traffic. It is believed that QoS guarantees could be better provided by connection oriented networks such as Multi Protocol Label Switching (MPLS). These connection oriented networks are more vulnerable to network failure. Conventional path protection methods perform re-routing to cope with this. However, re-routing always causes packet losses and results in service outage. These losses are bursty in nature and highly degrade the QoS of the real-time premium traffic. Thus, 100% availability cannot be achieved by conventional methods. The novel path protection proposed in this paper recovers the bursty packet losses due to re-routing by using forward error correction (FEC) path. Therefore, it can provide network architecture with no service outage for such traffic. The numerical results show that the proposed method can achieve a very high availability for real-time premium traffic in future IP/MPLS networks.