What is the difference between income protection and serious illness cover?
While both income protection and serious illness are protection for you should you become ill and are unable to work, there is a difference between the two.
While both income protection and serious illness are protection for you should you become ill and are unable to work, there is a difference between the two.
If you become seriously ill and have serious illness cover in place, you are paid a one-off lump sum if you are diagnosed with an illness that meets the specified illness criteria as listed in your policy. Income protection on the other hand will ensure you are paid a guaranteed monthly income in the event that you are unable to work. Income protection will continue to be paid until you are fit to return to work or you reach the end of your policy term.