What is the difference between income protection and life insurance?
Income protection and life insurance are different protection products, one protects in the event of a person unable to work while the other is for cover in the event of death.
Income protection and life insurance are different protection products. With income protection you pay a premium every month, and if you become ill or injured and are unable to work during the term of your plan, you can then make a claim and receive a monthly income until you’re well again. While you’re getting your monthly income, you don’t pay any premiums to us. When your illness ends and you return to work, you start paying your premiums again.
Life insurance on the other hand is protection for the term of the insurance cover. If you die during the term of the policy, we will pay a tax-free lump sum to your beneficiaries.