Income Protection and Life Insurance

Income protection insurance and life insurance are two separate things in the financial world. However, it is important to be aware of the differences between life insurance and income protection. You may wish to consider purchasing both types of insurance.

Income protection will mean that you will be able to maintain your standard of living if you should suddenly lose your main source of income, through illness, accident or dismissal.

If you have a family history of medical problems, you may be advised by a medical professional to purchase life insurance. If you feel you may require life insurance you should conduct thorough research into which insurer will provide the best insurance quote and meet your personal needs.

If you are interested in obtaining both income protection and life insurance, fill in your details below and get a quote from one of our partners.

Evidence suggests that you are three times more likely to suffer an ongoing illness or experience an accident at work than you are to die. In this light, income protection insurance is just as important as life insurance.

Income Protection Insurance
Income protection insurance covers you in the event that you become ill or have an unexpected accident that renders you incapable of working your usual hours or fulfilling your daily duties at work. If you purchase insurance for income protection, you can rest assured that you will be able to pay your bills and keep on top of your finances because your insurance provider will support you through this financially turbulent time.

Life Insurance
In purchasing life insurance, you secure your family’s future in the unfortunate event of you passing away. Your insurance provider will pay out a lump sum to your family. This type of insurance will enable you to live your remaining days with a peace of mind that your family will not suffer financial hardship in the aftermath of your death.

Although income protection insurance and life insurance are different things, it may be possible to combine your policies of income protection and life insurance into one insurance plan. It is definitely worth purchasing both types of insurance if you believe you are likely to become critically ill.

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Case Study:
When Mrs. Henge found out that she had breast cancer and that she would not be able to work while undergoing treatment, she and her husband were worried about the substantial drop in their monthly incomings.

Luckily, because Mrs. Henge had purchased critical illness insurance the medical costs would be covered entirely by the insurance provider and she could afford the best quality treatment. Mrs. Henge has made a full recovery and is now enjoying regular holidays with her husband and grandchildren.