Life insurance pays out a lump sum should the worst happen. A beneficiaries receive the money when you pass away. This protection is to help your dependants if anything was to happen to you.
Critical Illness
These plans are in case anything happened in terms of a critical illness. A lump sum would be paid out if this was the case. This may be far from your thoughts but having this protection can ensure there is a smooth transition financially if anything was to happen.
Income protection is a long-term insurance policy that makes sure you get a regular income until you are able to return to work or for the duration of the policy term.
Many of us would struggle to keep up with our outgoings if we lost income due to illness or an accident. Income protection is paid out in regular sums while you are unable to work.
Critical illness or income protection can help your family pay for key expenses such as utility bills, mortgages and childcare if the unexpected happens.
Considering critical illness cover against income protection means thinking about your work situation and your future and what will tailor your possible needs.
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